Bill Murphy: Rocketing bitcoin highlights gold and silver suppression
Bill Murphy: Rocketing bitcoin highlights gold and silver suppression from GATA
“Midas” commentary for Wednesday, December 6, 2017
By Bill Murphy
Wednesday, December 6, 2017
The gold price was traumatized yesterday by the Gold Cartel’s forceful raid, plunging right through important support at $1,270 all the way down to $1,260.
While a technical breakdown was created, enough buyers showed up to take the price back up to a touch away from $1,270 through the early London trading hours. Efforts to break through that former support point were thwarted twice. Then it was pressure on a couple hours ahead of our Comex opening … which took the price back down to $1,263.
The effort to keep gold off the investment radar screen in the east is at play, made even more noticeable with bitcoin gaining mainstream headlines with a move through $12,000.
Fast forward — make that bitcoin approaching $13,000, receiving Alan Greenspan’s comments on CNBC today. Of note was the CNBC host saying the rise in the price of the cryptocurrencies is a result of the proliferate quantitative easing by central banks and the desire of investors to get some of their money out of the system.
Obviously one of the major goals of gold and silver investors has been to do the same, for that very reason. But because of the blatant price suppression, our efforts have been thwarted, revealing just how extensive the manipulation in our sector really is. The bitcoin phenomenon is a tell of what the precious metals are going to do in the future due to an inevitable inability of the Gold Cartel to continue carrying on such as they are.
Can you imagine the uproar if gold traded anything remotely close to bitcoin? What do you think the headlines would be in the financial pages? Perhaps this is a reason the precious metals are under the Gold Cartel’s thumb like never before. Bitcoin they can handle, but not confirmation of its move by gold and silver following suit.
Silver still cannot get out of its own way. Recoveries above $16 yesterday afternoon and overnight went nowhere. It wasn’t that long ago that talk was about a silver magnet at the $17 level. Just like that a new one seems to have been planted at $16.
Gold’s AM fix: $1,268.55. The PM Fix: $1,263.70. The silver fix: $16.1150.