Loading ...Every rally stopped cold, every breakout denied, every day gold doesn’t have a follow through rally always involves “profit taking, “digesting”, “consolidating” or “risk on”.Gold’s “fake news” has been going on for decades
Bill,
Between Wednesday and Friday of last week the gold open interest increased by a very large 42,484 contracts. In typical cartel fashion the OI on Friday alone increased by 13,828, with gold gaining $13.20, which of course was +1%. That ratio of 1k of additional shorts per $1 of gold gain, along with the 1% capping have been highly reliable evidence of cartel interference. Today’s no follow through rule is also WAY up there. You just knew today’s trading was pre-ordained. No matter what COT says re: specs vs. commercials it is ALWAYS the same “resolute seller” stepping in to stop all gold rallies. The CME could crack down on this tomorrow but instead they offer the resolute sellers additional trading discounts.
The term “fake news” has only more recently become part of our lexicon. For gold and silver however fake news, or worse yet, (as CP points out) not even reporting the news, had been going on for decades prior to its creation. Kitco has been one of the worst fake news/no news sites of all. Gold manipulation is out there in plain sight, documented daily, yet they refuse to even mention it. They instead employ a gaggle of people who come up with endless phony explanations for gold’s irrational behavior. Every rally stopped cold, every breakout denied, every day gold doesn’t have a follow through rally always involves “profit taking, “digesting”, “consolidating” or “risk on”.
We’ll see what happens after this “digestive” phase plays out. Up until the recent intervention the trend was clearly higher. Should both metals break out for good it will take more than just 1k of shorts to stop gold a buck higher. Nothing feels worse for a short seller than standing in front of an oncoming bus.
James Mc