Loading ...With the rejection (again) of $1140 as a breakdown area it seems clear now there is much upside potential. [YES!]
Normally this would be the place where nervous shorts would get annihilated but as we know they not only survive, but apparently thrive in plying their risky behavior. I can’t imagine anybody still believing COT has any validity after watching the latest Dec. gold and silver OI magically fade into nothingness. No fireworks, no squeezed shorts, no significant deliveries. The WWE is alive and well, and masquerading as a real futures market.
I guess we can conclude the cartel made a “crude” attempt to take gold down and got splattered with a gusher out of Japan. Or maybe it was India, China, Russia, or (fill in the blank with every other nation still on the repatriation waiting list). It is instructive to note how a temporary surplus of as little as 1m barrels a day in oil supply v. demand can cause a swift 40% plunge in its price. Imagine what will happen when the gold market figures out in that moment of epiphany that gold has had a structuraldeficit in supply of as much as 50% a year for over 2 decades. Mars, rather than the moon, will be the reference point for rocket ship analogies.
James Mc…
With an encore…
Another one bites the dust
Another cartel rule bites the dust, in the form of a 2%-busting rally, and after the London close no less. Is it too much now to ask for a 3% gain? Silver being up a whopping $2.30 from its overnight low is, while not a cartel rule I follow, certainly very un-cartel like. The way gold is acting today you would have thought the Swiss referendum had passed, not failed. Yet another cartel rule violation- gold acting bullish on what was seemingly a bearish, not even bullish news event. A rally into the Crimex close and subsequent follow-through in the access trade would pretty much run the table. Hell, maybe even a higher silver 6:00 PM access trade open is in the cards?
JMc…