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The Golden (Sentiment) Rule: If It Isn’t Off The Chart Now, It Soon Will Be
Remember: what is unsustainable, can never crash, or so those who can create virtually unlimited naked shorts out of thin air would like everyone to believe.
Gross exposure - new all time record shorts:
Net: lowest longs in a decade:
Comex Registered gold inventory: decade lows:
Total Comex gold inventory: lowest since 2008:
Two final ones, but without the charts:
JPMorgan total gold vault holdings: record low.
Bundesbank gold repatriation: ongoing.
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A man was freezing in the woods.
He miraculously found a match.
After he lit it, he threw it away, of course.
It makes me wonder why any honest gold producer has anything at all to do with the comex any more. That should go for anyone who has any interest in the gold market at all. It is time to starve the beast. The industry should announce a total boycott of comex gold dealing. The exchange has obviously been converted to a mechanism to manipulate the gold market. There is no legal accountability to prevent this manipulation, officials in charge will only police movements to the upside and the players can't even be held accountable by taking delivery of the product they are supposedly creating an 'honest and open' market for.
So why do producers and consumers continue to go back to this marketplace to continually get slapped around and disrespected?
This is a clear display of battered market syndrome
I'm just waiting for all you guys here to start hating gold, then I'll buy more. Need to see more blood in the streets...
Great physical versus paper disconnect:
If I could actually get 1 Oz delivered from Comex, and then try sell it to some gold bug here, at average dealer's premium, I could earn for about 2 beers.
Yea. If you could only get it delivered from the Comex.
Well then, if my math is right, flipping burgers at McDonalds might be a more profitable endeavor.
I hope all those paper pushers get short squeezed to death.
So it appears that Thursday into Friday was the preliminary support to begin the bottoming process. Look for a few days of a rally and then a new plunge in gold to new lows below 1179. This should then be the selling climax.
The move to new lows should be with much reduced volume though. Then look for a sharp rally out of the lows. Then many, many months of rallies and reactions, where you can begin to accumulate slowly into the selling waves.. Bottoms are a process and require patience. The signs of the bottom are the sharp rallies out of the lows on solid volume followed by weak selloffs.
It's just a matter of time and patience right now. The tremendous volume in the mining shares with the closes at the highs of the day, though I don't believe the lows are in, is another sign of the end of the downtrend getting closer.
I look forward to being mocked as a blowhard, but watch the process unfold.
Patience!