RANTING ANDY – Per my RANTS from earlier this week, gold was smashed by THE CARTEL on both Tuesday and Thursday, but recovered ALL its losses on BOTH Wednesday and today, with gold back to $1,600 and silver to $40. But this is a Friday, and the debt ceiling debacle hangs in the balance (all outcomes will be bad), so you can see that the CARTEL is desperate to smash gold and silver this afternoon. Look at how they violently attacked three times today above $1,600, including the latest PAPER attack at EXACTLY 12:00 PM EST, as I have pointed out dozens of times before.
I do not believe the ten-year old Cartel will SURVIVE through the summer, and certainly not through August, as the traditional Indian buying season commences and GATA holds its historic Gold Rush conference on August 4th-6th (yours truly will be attending). Watch the gold price trade during this sleepy “summer doldrum” July afternoon, as I assure you it will be a WAR for the next three hours. And if gold and silver close above $1,600 and $40, respectively, at 4:00 pm EST, you can bet that next week will be a MASSIVE challenge for the TPTB to prevent “gold fever” from commencing.