Silver Update 2/29/12 Bernanke Busted

Sinclair: Today was a Cover-Up By the Fed & Mainstream Media

Today legendary trader and investor Jim Sinclair told King World News that today’s action was a cover-up by the Federal Reserve and the mainstream media. Sinclair also laid out for KWN readers globally the exact sequence of the cover-up and how it was orchestrated. Here is what Sinclair had to say about the shocking events that took place today: “The power behind the equity markets right now is liquidity and everybody knows it. It’s not improving earnings and it’s clearly not a broad globally improving economy, but rather improving liquidity.”

Jim Sinclair continues:

“If, in fact, what Bernanke attempted to tell the investment world today, that QE may not be necessary because of a modest improvement in the statistics of unemployment, if that was truly to be believed, then the stock market should have been off 800 points while gold was gold was down $100. Because the same thing moving the stock market is what’s moving the metals and that is pure liquidity.

MORE

Eveillard - Desperate Central Banks Intervene in Gold Market

Today legendary value investor, Jean-Marie Eveillard told King World News he believes central banks are desperate and they are intervening in the gold market. Eveillard, who oversees $50 billion at First Eagle Funds, had this to say about the situation, “Usually I don’t have much to say for bullion regarding day to day trading. But a move of $75 is somewhat striking. Central banks acknowledge they intervene in foreign exchange markets. They (central banks) sort of don’t exactly deny, but they are very quiet about the fact that obviously they also intervene in the gold market.”

Jean Marie Eveillard continues:

“For all I know that may be the case today (that central banks are intervening in the gold market). Whether the fact that it’s the last day of the month is important or not, I leave that to traders to explain, if there is even an explanation there.

MORE