by David Kranzler
Investment Research Dynamics
I wanted to share a discussion on the metals that I had with GATA’s Bill “Midas” Murphy this morning. I had emailed him to ask him if he knew of any reasons the metals were getting slammed today because the dollar was down a bit, the economic reports were poor and the stock market was selling off – all three occurrences of which are precious metals-friendly.
As Bill suggested, silver is under more pressure today than gold, with JPM going all out to get the speculative traders to sell, which helps JPM push the price down. If you look at short term chart, it would appear that silver is forming a head and shoulders “top” formation, something which JPM is trying achieve, as Bill correctly pointed out.