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Gold And Silver Tumble Most In A Month
UPDATE: Some chatter that the earlier drop occurred around a story on the overhauling the London Gold fix (amid all the manipulation talk).
With no apparent news - who needs news - the precious metals market participants have decided that now is the time to sell, sell, sell in huge volume and all of a sudden... Gold is down 1.3% - its biggest drop in a month; and silver is down 2.8% - its biggest drop in 5 weeks. Gold has dropped back down to test its 50DMA and silver has crossed back down through it. Bonds are modestly bid, stocks ar enot moving on this collapse and the USD is hardly budging.
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Looks like things are getting a tad desperate back at the ranch.....the story that all is well and that the economy is on the mend has run up against a wall of reality (aka employment pariticipation rate) and the Fed/banksters are now moving on to plan B....more of plan A. Gold obviously has a way of revealing the absurdity of the situation - most annoying - so must be hammered down on a weekly basis (pesky Chinese keep bidding it back up!). Good thing the Indians and Pakistanis know what is good for them and are going along with the suppression....otherwise all hell could break loose. And thank God for all those little people buying up paper gold ETF's....they will get their reward in heaven for keeping the banksters warm and wealthy here on Earth.
lowest price in a month, or biggest drop in a month, beans nothing. The modern art of jounalism consists in counting page clicks. I've seen Silver go up $1.00; from 6$ to 7$; during one trading session in New York. Similarly to the fact that all the artic ice melted in 1940-41; which it did, but no one noticed; no one who wasn't a professional speculator in metals paid any attention to this; or even noticed it; and for the same reason; there was no false fairy land theory that needed to be supported by a lot of heavy breathing and hand waving. It's just a normal day in a volatile market. Nothing unusual at all. By the way; it should be obvious to a mentally normal adult, that merely not buying the metals causes the recorded prices of whatever sales do take place to decline. When you look at the volume and open interest numbers for today you'll find that it was a very boring "event". In fact it was a non-event. I keep posting things like this because there might be someone here who hasn't turned in their brain at the "manipulation fairy tale shop" yet, and they deserve a chance to actually understand what's going on; or not going on, in this case.
OMG 1236 USD/OZ - it hasn't been this low since... AN ENTIRE WEEK AGO (daily low today).
Currently reading just above 1242 ... gold now re-soared an entire 600 pennies!!!!
The suspense iz killin' me.