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Gold closed up $12.80 to $1710.90 whereas silver

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griff Member Level  Saturday, 03/10/12 06:18:27 PM
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Gold closed up $12.80 to $1710.90 whereas silver rose by 45 cents to 34.18.
Early this morning we were greeted with news of a "successful" PSI of 85.5% of the Greek law bonds.
However only 69% of the British law bonds were tendered setting up the stage for lawsuits striving for accelerated payments. No doubt other PIIGS nations are watching attentively and they too will ask for considerable haircuts to their debt. Portugal is for sure next and many of their bonds are based on English law. Yesterday morning we saw the release of the NON FARM Payrolls and it "added" 229,000 jobs.
However on closer look, 1/2 of the jobs increase was of a part time nature and of lower paying jobs like flipping hamburgers and again we witnessed another 91,000 jobs added by the phony B/D plug. As soon as the jobs report was released, the bankers had their fat little fingers on the sell buttons of gold and silver. They knocked gold all the way down to $1677 with silver falling suit to $33.11. However when Greece announced that it was going to initiate the CAC clauses, then everything reversed with gold and silver rising finishing the day nicely in positive territory. All of these will be dealt with in detail but first let us travel over to the comex and see assess trading.

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