GOLD/SILVER SHRUG OFF TA FEARS, HANG TOUGH

The precious metals are shrugging off the fears engendered by market analysts – (especially technical analysts) – from which reports are proliferating that the market is going to get slammed hard for the next few weeks starting this week.

Silver was hit hard on Friday after the NYSE closed. The period between 4:00 p.m. EST on Friday (NYSE close) and the close of the Comex computer Globex system – 6:15 p.m. EST is usually the lowest volume period during the entire trading week.

This is when the manipulation from the big banks kicks into high hear.
They took silver below $21 in the last 35 minutes of the Globex session. Nice, eh?

By Precious Metals Fund Manager Dave Kranzler,

The Census Bureau/Government monthly report on new home sales was, without a doubt, a statistically manipulated fraud.
Individual companies are now committing the same crime as the Government. KB Homes reported their 2nd quarter results on Friday. In their discussion they made the claim that the first-time buyer has returned. Here’s my quickie analysis of KBH’s results – which, by the way, feature a drop in year over year deliveries AND a whopping 30% cancellation rate:

KBH’s deliveries for the quarter DECLINED year over year. They managed earnings by doubling the amount of interest they capitalized. Cancellation rate is now 30%. 30%!!! Nearly ONE-THIRD of their contracts signed will cancel.

This report is a disaster. Furthermore, they are lying about first-time buyers. 93% of all new home buyers use a mortgage. That means that almost all first time buyers would have used a mortgage to buy a KBH homes – or at least applied for one since the cancellation rate is so high.

To say that first-time buyers returned is a lie because it is completely inconsistent with the data during the time period showing that mortgage purchase applications dropped nearly every week on a week to week basis and double digits percent-wise year over year EVERY SINGLE WEEK THIS YEAR.

Government and corporate blatant fraud is getting tiresome, don’t you think?

Meanwhile, the precious metals are shrugging off the fears engendered by market analysts – especially technical analysts – from which reports are proliferating that the market is going to get slammed hard for the next few weeks starting today.

In fact, silver was hit hard on Friday after the NYSE closed. The period between 4:00 p.m. EST on Friday (NYSE close) and the close of the Comex computer Globex system – 6:15 p.m. EST is usually the lowest volume period during the entire trading week. This is when the manipulation from the big banks kicks into high hear. They took silver below $21 in the last 35 minutes of the Globex session. Nice, eh?