Loading ...Silver has been within 1 cent of $16.40 the entire time the Dow has been selling off 715 points. It’s a LOCKDOWN. There’s NO way that the same things influencing this equity rout wouldn’t also be causing enormous volatility in the PM’s. Unreal.
As I have pointed out for many years the 1:30 pm Comex close is the basis for what the majority of MSM refer to when showing daily price changes. By that measure today’s high tick for April gold at $1335.00 was just 2 ticks above +1%. The majority of that rally occurred yesterday, after its 1:30 pm close. While today “technically” shows a gold gain it is in reality strictly a no follow through day. Talk as they may but the “stiff resistance” was, once again, nothing more than preprogrammed algos set to quell rallies at +1%. There weren’t any technicals in the same zip code as my circled number, yet nobody ever questions this running multi-decade “anomaly”.
I think I proved beyond a doubt the useless nature of technicals in a rigged market when I recently finished near the top of the CME’s gold trading contest. For 113 trading hours I paid NO attention to anything other than heeding cartel rules. Had the contest been gold only, instead of including copper, palladium, and platinum I very well may have won. A few palladium guys caught a lucky break when Theresa May expelled those 23 Russian diplomats from the U.K.. I don’t think gold has seen that kind of volatility in a single day since 2011. Had the contest still been running today I would be strictly obeying the no follow through rule, the 1% cap rule, and what now appears to be your silver signal rule. When it comes to MOPE any technicals always get thrown under the bus.
The Dow tanks 500 points and yet again gold and silver go into a coma. Welcome to the new normal. Whenever there’s a crisis brewing it’s the cartel to the rescue, delivering their special algo dose of NyQuil. Based on everything we DO know it’s most logical that Comex COT data is just a steaming load of crap. It doesn’t matter who is where with their positions, or if OI goes up or down. There is always 24/7 interference going on that has an unmistakable footprint.
James Mc…