Apparently Blythe’s monkey’s are burning the Sunday midnight oil in order to prevent silver clearing $36 and triggering JPM’s rumored silver derivative losses.
A miniature replica of the May 2nd, 2011 drive by shooting was just completed, as silver was knocked down the proverbial mine-shaft moments ago, dropping nearly a dollar in nano-seconds on Monday’s Asian open.
Volume data indicates that 3,297 contracts, or 16.5 million paper ounces of silver were dumped on the market in a mere 5 minutes between 9:00 and 9:05pm EST.
In other words, approximately 1/2 of the entire US annual silver production was dumped on the market by the cartel in a 5 minute period on a Sunday night.
Combined with Friday’s raid which saw the cartel dump 62.5 million ounces or 2x the US annual mine production on the market in 15 minutes, the cartel has now dumped 2.5 years worth of annual US silver mine production on the paper futures market in under 24 trading hours.
Silver was drifting under $34.50 prior to the raid which knocked .80 off the metal nearly instantaneously at precisely 9:00pm EST:
The t 1/2 of cartel raids dumping 6 month total US silver supply can now be measured in minutes, as silver is back above $34.
Gold was also knocked nearly $8 lower to $1761:
Steve Quayle
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