Political Metals

The world watches as…

• US raised its debt ceiling - more borrowing, more printing
• Swiss National Bank flooded its money markets as it tried to weaken the currency
• Japan intervened in the currency markets to slow the rapid rise of the yen
• News of Thailand, South Korea & even Greek central banks buying gold
• Investors flee the stock markets, Dow plunged
• Gold’s relentless push into all time highs continued
• Silver climbed steeply against all major currencies

Obviously something had to be done as competitive devaluations and flight from fiat currencies into gold & silver gained momentum. And so, another orchestrated take down of PMs not unlike the Drive-By-Shooting event of May 1 just  took place…. and is still continuing as I write. Another margin hike??

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Related News & Views:

• More coordinated global currency intervention on the way?
• Yen for Intervention: Japan follows Switzerland to weaken currency
• Greek central bank adds to gold reserves