Norra Metals Corp V.NORA.H

le Metropole

[YeOldGoldNugget]

Themove appeared to be a precarious one in the early trading for theshorts yesterday as the price of silver roared to $49.24 in the earlygoing. Any small spec short had to be really feeling it and probablycaused some short covering. However, The Gold Cartel and JP Morgan cannotafford to let opportunities such as this one pass in order to presstheir case and they did … at least by preventing silver from taking out$50 per ounce with gold surging like it did

Thegold open interest fell 5174 contracts to 532,576, meaning Thursday’ssolid move higher in gold was due to a good deal of short covering aheadof Friday’s super breakout. The silver open interest went down another6132 contracts to 129,712. The dramatic drop in the silver open interestthe past three days is also stunning. It appears JP Morgan and friendshave used the margin increases and profit taking by specs to finallybegin to reduce their massive short positions. If so, and we will onlyknow that in the weeks ahead, they still have a long way to go.

Itshould be noted that the past five weeks or so the price of silver haspopped in Access Market trading following the release of the COT reporton Friday afternoons when it showed the commercials (JPM) were notreducing their short positions. That all changed yesterday when it wasrevealed some commercials (probably JPM) were finally running for thehills. Silver dropped $1 from its Comex close before recovering to$47.94 late in the day in Access Market trading.

Thegold manipulation numbers are in for the first 4 months of 2011 and itis nothing short of incredible. This level of artificial suppression canonly lead to one thing, and that's a melt-up similar to silver. Likesilver's recent "disorderly" behavior the physical gold market will soonbe causing BIG time trouble for trapped Comex shorts. Nobody could evenremotely claim gold is frothy after looking at these figures. If youknew nothing about the underlying fundamentals of the product, and werestrictly looking at these figures you would conclude that the world isfine, and "inflation expectations are well-contained"

Itis notable that almost ninety percent of the time the cartel needed topaint the early tape with an AM sell-off. It is also interesting thatover one third of all trading days were wanting to go MUCH higher, yetwere tagged at 1%. This is evidence of fierce buying being met byresolute cartel paper selling. Curious too how there seems to be a lidon the PM fix at about $9 higher. Apparently for that event even 1%gains are out of the question. In fact only 3 out of 82 PM fixes evencame close to a $9 gain. Nearly 85% of the PM fixes were either lower,or no higher than $5.

And the last highlighted section is where our real pain lies :

Lastly,as everybody here painfully knows, the HUI has acted oblivious to a 60%rise in silver and 8% rise in gold. If you didn't know better you'dthink the HUI represented the homebuilder index, rather than preciousmetals. In fact up until late this week the HUI was actually DOWN forthe year. I'm still waiting for the first major mining executive topublicly proclaim foul. They don't deserve the bounty they're beingafforded.

YeOld