Loading ...Weekly Article December 7, 2016
Mike Savage
I have been getting a few calls this week wondering why the price of gold is not rising with all of the major events taking place. The only real answer that I can give is that the people who can sell two years of mine production in two days after the US election (obviously nobody owns that much gold to sell- naked shorting) were ready, willing and able to keep the price capped after the third beatdown in 2017 of the status quo took place in Italy on Sunday.
This is an obvious action that can easily be seen in the charts. Just today (Dec. 6) I noticed that gold has been charging higher at times and twice during the day there were waterfall declines. All before noon! This is NOT normal action.
I saw it written that it took them 3 weeks to fix the markets after Brexit, it took them 3 days to fix the market after the Trump victory and 3 hours to fix the markets to their advantage after the Italian “no” vote to constitutional changes and the resignation of their leader- Matteo Renzi.
All I can say is that the longer this goes on the larger the potential reward keeps growing as the price and value are bearing no relation to one another at this time and the chasm is growing wider by the day!
Last week I mentioned about the confiscation of larger currency notes in India. This is supposedly a first step of making India a cashless society. In one swoop the Indian government made pieces of paper that gave the illusion of wealth the value that they actually have- no perceived value after a certain date by the same people that issued those same pieces of paper!
Think of how profound that is. The only real value of any piece of fiat currency from anywhere is what some government beurocrat says it is- not likely too informed or unbiased in my opinion. It has been reported on King World News and other sites that gold has been trading between $1700.00 and $3000.00 per ounce in India as people are looking for a store of value they feel they can trust.