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Morning Gold Fix: July 21, 2010
Commentary courtesy of www.fmxconnect.com
Gold opened Tuesday’s trading at $1183.2 per 100 troy ounces, and proceeded to rebound from an 8 week low, eventually closing at 1191.7. It has continued its rally this morning with slight gains.
Disappointed Bulls
Yesterday’s activity was disappointing if you are a Gold bull. Here is why.
There was massive selling in Calls all the way up yesterday by funds and bullion Dealers. Translation: the funds are ”Trapped longs” and the bullion dealers know it. Technical traders understand this best. Essentially there are out-of-the-money futures and options spec longs who are running out of patience. Every rally will be met with selling by them. This does not mean we will not go up. It just means that it should be orderly, with a washout when whoever is buying is done. Yesterdays’ rally seemed to be a dollar weaker/ commodity stronger based impulse. So perhaps the inflation trade is stepping in here a little. For me, that means orderly movement in a rally as well, as opposed to deflationary crisis. The key is open interest. If OI decreases in the rally, I would not buy strength.
In fact, I’d go so far to say that with trapped longs and expiry approaching, this market will be between 1190 and 1210, 7 days from now. Book that bet.
Fed Fights Deflation by Buying Gold
We read an interview yesterday with Lee Quaintance co-founder of QB Asset Management. He is a high yield veteran of the markets. He laid out a case for $5,000.00 gold which we thought made sense. Essentially his point was there is too LITTLE money chasing too much debt. His solution was to have the Fed buy Gold and reduce credit. Buying gold fights deflation by printing money, and shrinking the debt prevents paper asset bubbles. Interview here. Anyway it will never happen, the government will tax gold at 70% first or confiscate it before it announces $5,000 is the fixed price. But it is nice to hear someone making a somewhat legit case for higher gold.
August gold was up 4.5 to $1196.2 per 100 troy ounces as of 7:16 AM EST, this morning. The September U.S. dollar index was up .505 to 83.210. October platinum was up 11.6 to $1529.4 per 50 troy ounces. Silver was up 18.2 cents to 17.875.
-Elizabeth Thawne
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Book This: On Options Expiry gold will be $1220
Option expiry is next Wednesday. 1183 is the price where JPM minimizes the number who walk away happy....
since they rule the market with an iron fist, it is a pretty sure bet that gold will close next Wednesday at 1183.
i love all analysis that overlooks the fact that the gold market is not a free, fair and transparent market, and attempts to use standard technical trading tools. what a joke....
JPM/FED is using their printing press and captive regulators to keep the peasantry out and with any luck, buying USTs......and royally screwing anyone who dares to venture into the marketplace and mess with their control.
What is fascinating now is that ...JPM is playing a purely paper game (they need 7.3 tons of silver to meet delivery demand on 8/8, and they don't have it)....and the situation is not quite as dire in gold, but.......last night .......it was reported that one European bank added to its gold reserve with the purchase of GOLD COINS from another bank....excuse me? This is how much actual gold the banks have??????????????? This is what is now backing up the paper claims??????????????
So, out in the real world.....gold premiums are now rising rapidly ... for the actual real hard stuff, not the JPM dominated paper.
Message, if you got it, don't sell it. If you don't have it, visit a coin shop, buy a few coins....then you'll be as well off, or possibly even better off, than most banks.
1183 is painful for many because 1179 used to be our iron clad support. Now it's 1220. So it will be a titanic struggle getting it below that range.
oddly enough, i think its going to be tough for JPM to "arrange" to have the price drop to the 1183....they'll do it, but i don't think they will have the ability to do a lightening drop as in the past....
too many people know now about their position.....
and remember, the US banks and the US have very few friends left around the world......
in fact, i'd almost venture a guess that we could see some very stiff resistance to any further moves by Mr. Bernanke and JPM to "manage" the gold price.....respect for these two is declining at warp speed.....
also there is the perception (and reality) that the US banks royally screwed the rest of the world.....so i don't see hordes rushing in to "help" JPM solve its delivery problems...
on the contrary....we might see CBs start turning their back on the US and UK central banks.
"respect for these two is declining at warp speed....."
very good point.
You can see it by the way the Chinese students laughed at Geithner's speech, the Chinese lecturing the USA on fiscal responsibility and suggesting to move away from US debt. The Chinese moving their gold from London.
The Russian, Gulf States, U.N. looking to create new currencies.
Iceland's currency meltdown, etc...
All we have to do is stop trading with China today, and then we'll see who's laughing.
They'll have to stop stealing our intellectual property, while their masses go unemployed.
Hey, at least they wouldn't be killing themselves so that a hipster fanboy can have a new inferior, iphone 4.
Johnny Bravo wants to pay $40 for a pair of tube socks, apparently.
Why would they "have to" stop stealing our intellectual property?
"and remember, the US banks and the US have very few friends left around the world......"
I'm not sure that this comment applies in PMs in the way that you think. The treasury depts of the likes of China, Russia and India, have huge purchasing ambitions for PMs. The comex is not the place to buy it, they will likely make separate deals direct with the miners / refineries for that. The comex is the place to ensure that the price suppression scheme that suits them nicely, continues. Who is to say that the likes of JPM are not fronting for every CB in the world. The motives might vary, but the objective is the same; keep the price down.
I am only speculating; but I don't want to be right on this one.
Ummm... it's already below 1220. If that was support, it broke.
Ya but that's not in the time space contiuum. When comex settles it's freaking june deliveries we'll see if it broke or not.
It did, and now 1220 is resistance.
Support is at 1155 currently.
1220 is capacitance in this case not resistance.
http://www.fohguild.org/forums/attachments/screenshots/145899d1279677050...
Don't go getting all electronic on Johnny, he'll get a headache.
The capacitance analogy is a good one. Accumulation of charge is exactly what is going on. I like the way you think.
A few folks like me, just buying an ounce or two here and there, constitutes stray inductance. That can throw off the calculations of the great circuit designers!
I just thought I'd screw with johnny today. See if I could get him to say rising wedge again. He seems to think it's a spell incantation.
seditio propugnaculum
Wow...broke support at 1220....how did you know that Bravo?
I suggest you invest $20 on your education and buy "Gold Wars" by Fredi Lips....who knows it might open your eyes, if you have any....
I know that because I can read a chart and/or current price quote. Obviously, some others here did not.
I have no desire to read a book that pumps gold written by a likely gold salesman or apocalyptic kook.
BTW, you should read "How to Win Friends and Influence People" by Dale Carnegie, while we're pumping the books that we read for pleasure.
It's the most fascinating book I've read in a long time.
The other books I'm reading, I wouldn't recommend. All academic and technical jargon.
Oh, come on, give us your reading list. We all aspire to be as elucidated as you.
I guess you skimmed over the "How to win friends" part.
What? You don't want to be smart like Johnny? I do.
BTW, coons can whip squirrels.
EDIT: Ooops. Looks like you may be a beaver. I'd say that would be a fair fight.
I don't want to be smart like JB, I would like to "win new friends" however with the patented counter-intuitive JB method.
Fair fight? Ha! I'll put a smack-down on you with my fat tail!
I wish more posters had your charm, RR <sarcasm off> (just for the last line)
Ever messed with one o' these: Angry raccoon
...or don't you just give a dam. </pun>
Trapped longs? From reading Harvey Organ's blog, there are 2.3 million oz still standing for delivery from June. I find the idea of trapped longs ridiculous when ~100 paper oz exist for every physical oz.
hedge funds with ROI and cost of capital to think of. are trapped longs. not physical guys.
Indeed.
Another term for 'Hedge funds with ROI and cost of capital' is 'Bullion Bank cannon fodder'.
They're like natives with spears charging into Jamie Dimon's Maxim guns, which never run out of Fed supplied bullets.
I do not believe anyone outside the Cartel can win at the paper game over the long term. Only by depriving the insiders of their 100:1 leveraged supply of physical can they be beaten.
That those people exist is ridiculous. They are paper only "gold owners" and they are leveraged. They own no gold and still they influence the price... but their actions should net out because they never actually deal with gold. Those funds are the minority and insignificant. The bullion banks are far more trapped by orders of magnitude, and the banks are being forced to deliver.
If you took the "paper" gold bugs out of the market, the price would go down, not up.
ETFs like GLD create disproportionate amounts of demand by people that don't want to have gold, they just want to ride the wave in the short term.
Without that demand, you'd see much lower prices on physical gold.
That would be true if this additional demand had not been met by infinite quantities of unbacked paper pretending to be gold.
That is a good point, and I totally see what you're saying.
However, the argument can also be made that the people in the ETF never wanted gold. They only wanted to trade "gold."
It doesn't matter if there's gold there or not as long as they're trading "gold" and thus are in on the action.
Well that takes us back to the issue of 'Speculators' with no interest in the commodity per se artificially manipulating the price of physical commodities for purely financial reasons. When something like that is suspected in, say, the Oil market, the Feds are all over it. Inquiries are launched. Position limits are proposed.
It is remarkable that despite clearly egregious examples of concentrated short positions in the metals market, and a paper market that greatly exceeds in size the underlying physical trade, no such concerns trouble the regulators.
Hunt Brothers redux if the physical begins to get into the hands of the common people.
Then the CFTC will be interested in "limits".
Take a good hard look at the COT.
The Supply/Demand Commercials who know their business are the largest open interest (36.6%) and they are Short.
The Hot Borrowed Money Speculators, aka Managed Money, are the second largest open interest (25.1%) and they are Long.
Anyone care to guess how this turns out?
http://www.cftc.gov/dea/options/other_lof.htm
Sorry, Johnny, but this is incorrect.
Most folks that own GLD do so because their "advisor" has recommended some PM exposure. Most "advisors" are uneducated about PMs and many manage portfolios of ETFs. Therefore, people get herded into GLD as a general asset allocation decision, not a trading or alpha-adding decision.
If the truth about GLD were discovered, the money would flow out of GLD into physical funds like PHYS. The asset allocation model of including 5-10% exposure to PMs wouldn't change, the ETF used for the purpose would.
New demand out of paper gold into physical gold would most certainly be bullish in its overall effect.
Yes demand would drop, but "supply" would drop faster since the ~100:1 paper/physical ratio would require a greater than 100x reduction to drop the total supply/demand ratio.
All the range trading means is the deflationist camp which wants Gold/Silver to go down in price, has failed. Gold is consolidating for the next run-up. Any idea that a rise in price can be controlled is folly. It can be for a while, but at some point Gold will go parabolic and impossible to control.
Comex Silver inventories bear very close watching. The run on the bank continued yesterday with another million ounces being taken out (minus 1/2 million "deposit" but I don't know where you'd get that much metal anywhere on the planet at this point).
Consolidation is a continuation pattern for recent action, which was down.
Junk all you want, but if there is consolidation, it is likely a bear flag consolidation, not the type that forms a base.
"...but I don't know where you'd get that much metal anywhere on the planet at this point). "
I'm sure the custodians of SLV would be happy to supply metal (if indeed they have any left) in return for some paper promises to repay it.
Remind me again. Who are the SLV custodians? And who holds the 2nd largest Silver short position on Comex?
SLV, excuse me, but did it ever have any silver in it???? real silver, the hard shiny stuff, or just Comex paper?
No one know, do one?
I don't know. My point is that given the inherently conflicted position of the people who run it, and the complete lack of protection offered by the prospectus to ensure it has actual metal, SLV will without doubt be looted for any metal it might actually have in order to save the asses of it's owners. Maybe it's already been emptied, hence the delivery issues.
i think the delivery situation as it stands now shows us that any metal that might have been in SLV is long gone now......don't you think the "custodian" would have taken that if it could have prevented the world and the peasantry from learning about their games?
Warren Buffet's 130 million ounces as admitted sold in 2006 and no one knows where it went or exactly when it was sold. SLV appeared in April 2006 with a oddly similar inventory...and no one knows where they got it.
Here's a bit of history, as you see in this 7 month window they lost 20 million ounces.
http://4.bp.blogspot.com/_EZMGVwURo3M/Sh9rFBe6I-I/AAAAAAAABIw/EdqnL_QDkYQ/s400/COMEX+silver+inventory-712818.PNG
Bottom Line: At that "drain rate" of 2.5 million ounces per month since April 2006, they are now
"out" baby.
Both the Blackrock Fact Sheet and Prospectus say SLV owns only silver, liquidated to cover 50 basis point annual fees or cash claims.
The prospectus spells out exactly who may deliver silver to receive SLV iShares with greater liquidity:
Only Authorized Participants can deposit silver and receive Baskets of iShares in exchange. As of the date of this prospectus, Barclays Capital Inc, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, EWT, LLC, Goldman Sachs & Co., Goldman Sachs Execution & Clearing L.P., Intrade LLC, JP Morgan Securities Inc., Knight Clearing Services LLC, Merrill Lynch Professional Clearing Corp., Newedge Group USA, PruGlobal Securities, LLC, Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Financial BD LLC are the only Authorized Participants. The sponsor and the trustee maintain a current list of Authorized Participants. Silver deposited with the custodian must meet the London Good Delivery Standards. iShares can only be surrendered for redemption in Baskets of 50,000 iShares (ounces) each.
In case anyone doubts veracity, feel free to contact them or:
Blackrock at 400 Howard Street, San Francsico, CA 94105 is the Sponsor.
BNY Mellon at 101 Barclay Street Floor 6E, New York, NY 10286 212 815 6250 is the Trustee.
JP Morgan Chase at 125 London Wall, London EC2Y 5AJ, England is the Custodian up to 400 Million ounces, their current capacity.
In case of hanky panky:
The custodian has agreed to use reasonable care in the performance of its duties to the trust, and will only be responsible for any loss or damage suffered by the trust as a direct result of the custodian’s negligence, fraud or willful default in the performance of its duties.
The custodian’s liability to the trust, if any, will be limited to the value of any silver lost, or the amount of any balance held on an unallocated basis, at the time of the custodian’s
negligence, fraud or willful default.
The custodian may hold silver for the account of the trust on an unallocated basis. However, the custodian must take reasonable action to minimize the amount of bullion in the trust’s account that is on an unallocated basis, and the custodian must allocate silver bars to the account of the trust so that no more than 1100 ounces of silver are held for the trust’s account on an unallocated basis at the end of each business day of the custodian.
The fact sheet and prospectus both further point out silver declines during recession with reduced industrial demand, giving a clue as to whom is on the right side of the trade...
http://us.ishares.com/content/stream.jsp?url=/content/en_us/repository/r...
it's a brave bet to make in a manipulated, depressed and schizophrenic market.
Didn't Roosevelt buy gold in the mid 1930s to try to inflate his way out?
Not a bad idea, but I don't think Ben is at that point. Yet.
Yes, FDR confiscated at $20.66 an ounce, then revalued and bought at $35/oz, causing less than a 7% blip in the CPI that quickly returned to deflation...
and they pound PHYS again
Who are "they"?
Space aliens?
No, I think it's other gold bugs that are nimbler than the "hold and pray" crowd.
Speaking of hold and pray, where are dumpster, akak, chumbawamba, taraxias, GG (I've seen him on TPC lately) and the others?
One more thing. I've been saying dollar support was at 82.
And lookey here at this article!
http://www.cnbc.com/id/38335791
Dayum I'm good.
And modest as well. That's what we love about you, Johnny.
ABC actually picked up the 1099 story:
http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=...
That is interesting, isn't it? I wonder why the 1099 story focuses on gold so much since it affects everything being bought as well?
I think ultimately we could have this scenario.
http://www.gata.org/files/AdrianDouglasProofOfGoldPriceSuppression-07-20...
It's worth a read if only to confirm the precarious position the gold market is in even if you don't agree with the numbers.
Assistance Requested: The RAND Corporation has commissioned me to do an (unofficial) moron census. I say that my uncle Fester in Moonshine, West Virginia has more gold in his few remaining teeth than all the precious metal ETFs combined.
Will all those who disagree please flag my comment as “junk.”
PS: 911 inside job.
Well as long as you put your name first on the moron list....
Time for ZH Junk Full Disclosure.
Gentle junkers, if you cannot articulate a rational reason to Junk, you are infantile and belong elsewhere.
Gartman no longer a gold bull, describing his parabolic call "stupid."
http://www.cnbc.com/id/38314447
Roubini no longer a gold bull, although his logic is tortured.
http://www.cnbc.com/id/38342915
Observably more people are greedy at tops and fearful at bottoms.
Right now they are in-between.
Until people stop talking about QE II gold may not bottom.
Anyone prediciting prices is kidding themselves...
Mr. Market has made fools of men bigger than Garman or Roubini, and He has made heroes of fools like Johnny Bravo. Your admonition about making predictions is so true.
And I agree about the junking contagion. I've read the entire comments section, made some comments, and junked nobody. The infantilism has to stop.
Gartman usually changes his mind on gold every 6-8 weeks and is a great contrarian indicator.
Roubini has a book to sell; controversial statements=free PR, plus would you rather follow the advice of someone who makes a few hundred K a year or those who have made billions - Rogers, Einhorn, Tudor-Jones to name a few.
Of course I agree with you about the emotions of trading and where we are (between fear and greed) for precious metals.
QE2 or there will be riots.
CB's and others are waiting to buy physical gold/silver on dips, that is why you don't see gold/silver falling for months at a time as they used to after reaching new highs.
I won't predict any prices for precious metals, I'll just say "up", and "down" for fiat.
When the economy is back in great shape I'll be the first one to dump a good chunk of my PM's, or hopefully I'll dump them a little before that happens, that point is at least five years away.
That is a very practical view, and likely to keep you in good economic stead.
Thanks for the moment of sanity, Beav.
Ok RR, what do you want? You need a loan or help with moving? LOL
Well, you said you just wanted to make friends. Just trying to be friendly.
That ain't easy for a coon.
"QE2 or there will be riots."
Then riots it is...;
Count me in! We need Minutemen....
http://www.earlyamerica.com/earlyamerica/bookmarks/minutemen/Minuteman3.jpg
They're going to have to bid up the bullion lease face value to keep interest rates on those leases negative, so the selling is pretty much done, otherwise bullion lease rates will eventually pass the discount rate. So I would guess the London fix would be very telling, since sell offs occur on the 11:30 am close in London. Once the dust clears, then everybody back into the pyooil.
http://www.kitco.com/charts/popup/au0030lr.html
The weekly chart is interesting from the point of view that all of the ballywhoo about the gold price correction is noise, and that we have a summer correction, like previous summers:
http://stockcharts.com/h-sc/ui?s=$GOLD&p=W&b=5&g=0&id=p22191914136&a=156853006&listNum=2
In previous price corrections the 34-week EMA provided support.
-F6
Trapped Longs?
Out of the Money?
Any Rally met with selling? (That would have happened either way)
and too quote ya'lls punching bag Johny Bravo... $1,220 is long gone?
July 19th NY close $1,184.10
July 20th NY close $1,192.20
July 21st Last $1,192.70
Ummmmmmmmmmm?
Idiots, all of you Gold Bugs are fodder... nothing more and nothing less.
Is it just me or when people are jumping up and down screaming rally.... isn't there supposed to be some UPWARD! Movement?
How about just a lil bit of UPWARD! Movement?
No UPWARD! Movement and in fact DOWNWARD! Movement is not a rally! Well, unless you are a Gold Bug!
I read... "Stupid is, as Stupid Does!"
Hurry... Limited time only!!!
Buy into the Gold Bubble...
But hurry! Before prices dip any lower!
Don't be left out!
Don't be one of those who Bought Low to sell High!!!
The End is Near... We are waiting on your call... 1 (800) You-Idiot or 1 (800) Gold-Bug
Republicans, Evangelicals and Sheepeople get here fast!
Before...
The Uni-Bombers, Rapture Crowd and / or other idiots steal your top spot!
Remember Gold will not be at all time highs forever! Hurry and buy at the top!
For a limited time only we will offer You! For! Free!!! a “How to scare your friends and family into buying Physical Gold!” kit, as taught by an out of work used car salesman! A $5.00 value for free!!!
Remember that the End is Near!
Don’t get caught Buying Low to sell High!!!
Ignore the 30 year charts at all costs? http://66.38.218.33/scripts/hist_charts/yearly_graphs.plx
And, it should be pointed out, gold has lost ground to inflation from its 1980 peak of $850 to now. Adjusted for inflation, $850 in 1980 would be $2,221. Those who bought gold during the last inflation scare are still waiting for the big payoff.
http://www.inflationdata.com/inflation/images/charts/Gold/Gold_inflation_chart.htm
Morning Gold Fix: July 21, 2010 Submitted by Tyler Durden on 07/21/2010 07:57 -0500High Yield???? what does that mean? lets google shall we...
***** ' Description of investments with high rates of return. Generally, a high yield bond will be ranked very low by a rating agency, because these are bonds which have a relatively high chance of default, and therefore have to offer higher returns. Similarly, a stock will offer a high dividend yield in order to compensate for lower expected capital gains, for example a large company in a mature industry which is no longer growing. " *****
***** " http://www.investorwords.com/5901/high_yield.html " *****
I truly don't understand your motivation.
A woman... who wants to talk about her feelings...
What motivates me to speak the truth? What makes me want the truth to be known? Why is the truth a motivating factor for me? Why do I feel that the truth is important?
The facts, the numerical facts are not to your liking? so let’s talk about what makes me want the truth to be spread among the village idiots?
I don't know where to start... let me pull up a couch and we can talk about why I feel that the truth is completely over looked...
As well, my motivation... would be... to encourage people to buy guns and ammo "if?" they think the end is near... maybe a new bible... but shinny shit that no one can eat?
Wealth preservation? The idiots in here buying 4 ozs or 100 ozs of Gold need not worry for they have no wealth to preserve.
LOL, not my feelings. Or yours, for that matter. I don't care about feelings, only rationales.
Also, it's "shiny," not "shinny."
It's an old argument in supposedly new clothing:
The old "you can't eat gold" argument. Frankly I could not figure out half of what was said in the comment. I should be more familiar with his posts since he copies/pastes about the same stuff from day to day.
True, but today's posts are exceptionally incoherent. The random gibbering of a mind whose synapses appear to have had some kind of disagreement and are no longer talking to each other.
Ditto RR. I think his best argument is "why you shouldn't start drinking in the morning"
He's just pissed he's going to get eaten by a tiger shark next year.
Maybe some past experience?
I fish the Caribbean... and once a year the Calcutta in (Cabo) Baja... so I doubt that with the amount of time I spend in their preferred or more regular habitats, that I will end up on a tiger sharks menu.
But in the spirit of your thought… http://www.youtube.com/watch?v=pVPyy50Pp0c
Well, this shouldn't surprise anyone.
http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=...
“Obama Care” is just a new way for the insurance companies to have your GOLD! Pay for the un-insured!!!
So that the insurance companies bottom line does not suffer over someone’s inability to pay for health insurance.
Why should Corporate America suffer you idiots who cannot fathom health insurance? Until you are in need of emergency services to provide life saving procedures?
Why should they be made to suffer? Corporate America? Why should their Bottom line suffer because Shaneakwha or Jim Bob or Jose’ is not covered? But need life saving procedures? It’s not fair, for Corporate America.
Let 'em die in the streets, right? I nominate you to drive the meat wagon picking them up for the dump delivery.
You choose to be ignorant of the humor and sarcasm... thats really not my fault!
gold and silver have been money for 6000 years..ask yourself why..and why have all fiat currencies have died..usually a horrible death..I love idiots and imbeciles who have no insight into history..like yourself as well as JOHNNY BRAVO...the two of you will be hunting for road kill when the shtf and you all aint got no real monie....
Schadenfreude is a wonderful thing, but, like gold, you can't eat it.
It's good for the psyche, however.
Gold is wealth food.
Fiat currency is greed food.
Schadenfreude is serenity food.
Revenge is for gluttons.
RR,
"Gold is wealth food."
Yes,and No.......It's health food, insurance that you can have something of intrinsic value, to likely save your family,and Wealth, as a store of value.
Gold supplies all needs. You are right on all counts.
The market rigging will only end when the funds stop trading paper or using paper gold and silver proxies and starts taking delivery or using ETF's like Sprotts PHYS, in which the physical metals are not controlled by the central bank bookies, sorry primary bullion dealers, which will not take independent accounting wizardry based manipulation actions that the fed bookies use to give the designated fed desired outcomes.
What the new gold players don't understand is that you can not beat JP and their British counterparts in the rigged paper market where they dominate with an iron grip. The game is one in the street, with the physical assets, where you buy with conviction, and hold and the understanding that physical has massive leverage over paper. If you stay in the Matrix, the robots control and always win. If you play in the real world where the assets are tangible and you can see the monsters for what they are, you can ultimately win.
The "trapped calls" need to take delivery of their gold and then sit on it for a year and keep taking delivery, call their fund manager buddies and tell them to do the same, call their relatives to do the same and call everyone to get the physical gold that they need to protect their wealth but they should start with physical silver to lever paper silver, and paper silver levers paper gold. Use the levers in the right proportions and sequencing and with the right timing and it doesn't take that much to move gold up to its actual real world value as real money, somewhere north of $3000 in my opinion.
Agree with Matrix analogy--unfortunately, too many people taking the blue pill.
Gold now at 1185.58!!!! How about that?
Fell off a cliff right as Master Bernanke began speaking. Good time for a sneak attack when Ben speaks. Pretty bad they only knocked it down $10.
Anyone got the details, I heard a Blurb, about some major Gold being found(in the US System???)..............unknown to the Gv't previously.........
I KNOW!!!!!!!!.................They finally Located the LOST DUTCHMANS MINE....on the arty range.
Some "excuse" is always needed to move gold. It does not look good to do it in a vacuum.
Mike Maloney has a new series of vids that are great for passing to friends
http://www.youtube.com/user/GoldMikeMaloney
XAUUSD / XAUEUR / XAUAUD bearish warnings issued since July 1 continue . . .
http://stockmarket618.wordpress.com