Loading ...Good stuff from Murph tonight=
(After dealing with a comatose gold market for so many days, weeks, months and years, last night was a hoot. The gold price soared to $1438 before being rejected. That rejection took gold back down to $1420, but, as has been the case of late, that dip was bought … and it has recovered to $1428 after an hour of trading on the Comex this morning. In other words, despite a major correction, gold is now up 1% on the day.)
Monday night thoughts:
The gold/silver market commentary among a number of the widely followed pundits is split into two camps … one is that a major league correction is coming, afflicted by the central banks, and the other is to ignore the traditional technicals because of what is going on.
In almost none of this commentary does it talk about the rigging of the gold/silver markets by The Gold Cartel, which represents the richest and most powerful people in the world, that is the KEY issue of the precious metals markets.
The gold price action has been the most aggressively bullish on a multi-week basis as seen here over a two decade period, and that is after scrutinizing the daily market action very closely that entire time. Either of the two main theories of what is coming could be right on the money, but the big picture has changed to an epic degree.
Gold has made its move in relentless fashion over the last month for one simple reason, The Gold Cartel has run out of ENOUGH physical supply to meet surging demand. If they had not, they would have prevented the gold price from taking out one of the most bullish technical bases imaginable, one that would attract ALL kinds of new buyers. Look at what the gold price has done since that base was taken out!
Now what?…
*The gold breakout has captured the attention of big league money all over the world who want in. Ironically, this gold surge has not been reflected via the action of the US investor, of which the gold sentiment remains abysmal.
*Not for nothing, the Café Sentiment Indicator is as low as it has been in 21 years, meaning that despite this big time impressive rally in the gold price, there is little investor interest in the gold/silver markets in the US. THAT is VERY Bullish!
*Demand for gold in all forms has gone bonkers throughout the world and the bums have been unable so far to meet that demand for physical.
*The upward gold price action over the past many weeks has been the most aggressive as ever in history over an extended period of time.
*Food for thought…
My friend Dave Krantzler, who is as smart as they come, mentioned the following in his latest commentary at The Little Bear Table:
“Furthermore, if I’m wrong about an imminent price attack to take the price of gold lower, it means that the Central Banks/bullion banks have lost control of the market – at least for the time being – and the market is experiencing Bill “Midas” Murphy’s “commercial signal failure.” If this turns out to be the case, and it is ultimately an inevitability, strap in for some fun if you own physical gold, silver and mining stocks.”