Loading ...By the Comex open it was a foregone conclusion that gold would be further attacked. That attack came just 10 minutes after the NYSE open, with a further 6,544 August contracts sold at 9:40 AM. Of course too there was the obligatory pressure on last evening’s access trade open, making it 69 out of 75 for those CFTC regulators still pretending to be working for the public. At least Scott O’Malia is now in a position to be cheering nefarious trading, rather than collecting a paycheck from the government for ignoring it. That’s the beauty of revolving doors. One day you’re a bobblehead, the next day you’re avery well paid bobblehead.
What we are watching and enduring here is beyond farce, but it is the way it is SO … rather than be totally annoyed, aggravated, and ticked off, I decided to get my workout in the gym over with and enjoy a relaxing lunch at Chili’s … which is replacing my summer vacation.
Before heading off to the gym, I registered my disgust with Dave from Denver who came back with this…
Well Bill, the good news is, if this is the last of it, they are losing firepower. The bad news is, they may try to engineer more hedge fund waterfall selling. The 50 dma in silver was getting ready to crossover the 200 dma and I don’t think it’s a coincidence they are pounding silver today to prevent that from happening as it would trigger hedge fund algo buying in silver.
The waterfall started at 9:00 a.m. EST on absolutely no news or event that would have triggered it. Obviously the geopolitical and economic news is getting worse by the hour. The new home sales report was a complete and unmitigated disaster. The Dow Jones Home Construction Index is down over 4% right now – I cant remember the last time this index dropped this much intra-day. Housing is supposed be one of the primary pillars of our economic “recovery.” How can the housing stock index be down over 4% yet the S&P 500 and Dow are green?
That alone speaks volumes about how fraudulent and manipulate our system is.