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Gold Manipulated 0.1% Lower For Week As Gold Cartel 'Paints Tape'?
Gold bullion in Singapore climbed $9.29 to $1230.29 and was on track for a gain of almost 0.8% for the week prior to concentrated and continual selling in London and then on the COMEX pushed gold lower. Euro gold rose to about €960 and continues to consolidate below the €1,000 level.
Friday’s AM fix was USD 1,222.25, EUR 958.70 and GBP 749.11 per ounce.
Thursday’s AM fix was USD 1,210.50, EUR 950.61 and GBP 742.05 per ounce.
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Gold fell to as low as $1212.44 at about 10AM EST on the COMEX. It then bounced higher in late trade and ended with a loss of just 0.3%. Silver was stronger and ended with a gain of 0.63%.
Gold had rebounded on Friday in Asia was was aiming to break a three week losing streak, as equity markets dipped. A higher close for the week would have been technically bullish and could have led to follow through buying next week.
Certain market participants seemed determined not to allow gold to have a higher weekly close. Trading action had all the hallmarks of the Gold Anti Trust Action Committee's (GATA) 'gold cartel' and their determination to keep gold prices capped and "animal spirits" low in the gold market.
In London this morning spot gold was up 0.1% at $1,223.10 an ounce by 0959 GMT and on track for a marginal weekly gain. U.S. gold futures gained $1.50 to $1,223.50 an ounce.
Overhead resistance is now at $1,240 and if the price weakens to below $1,200, it would be expected to test the $1,184 level which is the December 2013 low. The $1,184 level is also a July 2013 low, so is being currently labelled as a ‘triple bottom’.
Below this is the $1,155 price level which is a technically important Fibonacci 61.8% retracement level. Technical levels are important in the commodity and metal markets since various trading strategies take these levels into account when deciding when to buy and sell.
The Fibonacci 61.8% retracement level represents a 61.8% pullback from the entire 2008-2014 upward gold price move which saw gold rose from the $690 area in October 2008 up to above $1,900 in early September 2011, a move of about $1,210.
A 61.8% pullback of this upward move brings the price approximately back to the $1,155 level.
Silver traded very differently from gold on Froday and was 11 cents higher. It was already down significantly for the week so the small gains that were managed Friday meant that silver was still down 1.5% for the week.
On the downside, the $17.27 level is a key technical level since this represents a Fibonacci 78.6% retracement of the entire move up in the silver price since 2008.
The Gold/Silver ratio is currently about 69.7 and could breach 70, which is an important trading level. If this were to happen, it would mean that the silver price should continue to weaken slightly relative to the gold price over the short term.
Palladium is currently trading at $805. After rising above $900 at the beginning of September, the palladium price has now fallen back to its current level very close to $800.
The continued long term move up in the palladium price this year has been made on the back of mining strikes in South Africa and strong industrial demand for palladium in the global automobile market. Palladium is currently trading near its 200 day moving average of 803.
The weakness in the palladium price this week is due to news that Norilsk, the big Russian palladium producer, is in talks to buy $2 billion worth of palladium from a stockpile of palladium that is maintained by the Russian government / Russian central bank. The size of this stockpile is not publicised.
Some of the current supply deficit in the palladium market would be solved if Norilsk was to be able to gain access to the Russian state's stockpile, hence the uncertainty in the palladium price.
If it palladium price makes a move down below the $800 level, it could fall to the March 2013 high of $786. Palladium however, is still in a long term uptrend that began in 2008, but since the price has fallen back from $900 to $800 so quickly, the 200 day moving average near $800 is an important level.
Platinum is currently trading at $1314, near the lows over the last year. The 2013 low, in June 2013, was $1,288 so this is a critical level over the short term. The December 2013 low was $1,311 which has now been breached.
Watch video here
Palladium was down 2.18% for the week, from $823 at last Friday's London PM close.
Platinum was 2.45% lower compared to last Friday's PM platinum fix price of $1,347 in London.
Momentum remains to the downside and the short term technicals remain poor. We would caution against buying until we see a higher weekly or indeed monthly close.
The lower weekly close yesterday is technically bearish and would make us slightly nervous for next week. However, the fundamentals remain very sound as physical demand is picking up in India and China ahead of festival season. The wider financial and geopolitical backdrop also remains supportive - especially near zero percent interest rates throughout the western world. Dollar cost averaging remains prudent.
by Ronan Manly , Edited by Mark O’Byrne
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This is an analysis from the Nigerian princess widdow, which seeks a venture, to settle the 10million herritage......
"Overhead resistance is now at $1,240 and if the price weakens to below $1,200, it would be expected to test the $1,184 level which is the December 2013 low. The $1,184 level is also a July 2013 low, so is being currently labelled as a ‘triple bottom’."
No such thing.
http://imgur.com/vf4HAK3,v7kuaQN
That's the real technical analysis.
It's easy to zoom in and out at any time and pick a line near 3 points.
That's not a triple-bottom that's an arbitrary imaginary trend.
If the trend is real it has an equation and can be computed with zero visual ability, no eyes on the chart. Everything else is an optical illusion.
A major reason gold is drifting aimlessly, at best, is that hardly anyone knows about some major factors that will influence gold’s price; factors such as “insurance on bank deposits”, “cash equivalents” that show up on corporation balance sheets (as opposed to merely, “cash”), Mortgage Backed Securities (owned by Fed Res), the gold carry trade, the gold that may or may not be in Fort Knox, foreign held US Treasury securities.
All these are real factors because all are ultimately backed (collateralized) by gold. Once you learn this, it should make your head spin.
And, then there are the Chinese communists, very nervous and very anxious to collect on the $1.3 Trillions of US Treasuries they bought. The measure of their nervousness and anxiety is indicated by the ALLIANCE they cobbled together among Mexican and Columbian drug cartels, Chinese Triads, the Red army, the Communist Party of China, and several US government agencies (Congress, DoJ, DEA, DHS et cetera). Further, shortly after they took possession of the Panama Canal, they smuggled 150 top level Chinese crime bosses into the US. Don’t take my word for it; this information is taken from testimony given before a Congressional subcommittee.
Do they intend to use members of this ALLIANCE to enforce collection of those US Treasuries? When you answer this question, you should study, not read, the above link as if your life depended on it.
Usually we see articles about how undervalued gold is shy before the next move down happens This week I've read nothing comparable so far and technically the downtrend is in fact still active, so it wouldn't surprise me if we'll see a retrace within the next 10-14 days before downtrend is resumed.
TROLLS, why are trolls stupied? They don't read anything of value
TROLLS, why do trolls have no value? They don't contribute any inelligence
TROLLS, why don't they have any intelligence? They lack common sense
TROLLS, why do they lack common sense? They were born stupied
ETC. etc etc repeat ridiculous ridicule all TROOLS
FUCK NUTS TROLLS GO AWAY..........
We come here to feed the trolls.
Chow time - here trolly troll..
many people i talk to don't understand the gravity of what could happen, i keep telling them the govt. has been taking your assets, and freedom, (your earned money), from you at an ever increasing rate, to give to people who can't, or won't work for themselves, for over a hundred yrs..
they assure me they've put their money into personal assets, homes, cars, land, i tell them if things go real bad, with your children grown, and away from home the govt. will tell you, you have to big, or to many houses for two, you have to much land for personal use, and if the govt. don't get it there's going to be many, many trying to take what they need, i point out to them what happens during a riot, if you can't protect you'll lose it.
the govt. been setting up americans since 9-11, (national security), you don't have any freedoms any more, you have what you can protect, and hope the legal system in your area is honest.
we few, we happy few, we band of silver holders . . .
Few indeed judging by the up arrows, and one crabby bloke(not me, I could not agree more!)
How come these technical analysts always move DOWN, not up?
"Gold reaches $1200, it will then go to $1180; reaches $1155, then targets $1050; drops to $1015 going for $980" etc., etc.
Yet they never say "Gold may reach $1240, heading for $1285; gold targets $1330, moving toward $1375"...
Hocus-pocus stuff.
hocus cadabra abra pocus
Back when cartoons were good...
" Momentum remains to the downside and the short term technicals remain poor. We would caution against buying until we see a higher weekly or indeed monthly close.
The lower weekly close yesterday is technically bearish and would make us slightly nervous for next week. However, the fundamentals remain very sound as physical demand is picking up in India and China ahead of festival season. The wider financial and geopolitical backdrop also remains supportive - especially near zero percent interest rates throughout the western world. Dollar cost averaging remains prudent."
I like that. You can then say you were right regardless. If it goes down, you can claim you said technicals are weak and you cautioned against buying. If it goes up, you can claim you said fundamentals are strong and dollar cost averaging is prudent.
Don't sell dick.
Let them go dig some up if they want to give it away to prop up their stinking derivatives.
For sale: Dick
Payment terms: Not Paper, Now
Another c ap article about the manipulation insanity. When the price Paper PM seperate from the price of physical metals then I will buy I am tired of watching the clear manipulation and nobody doing anything about it. It is as clear as the nose on your face that it is riged
looked at buying pre 64 silver coins, many sites : out of stock or with 10% plus markups..ave price $19 +/oz.
seems those silver coins do have a market just no inventory. hmm
I agree - a supplier I've used in the past is even out of 2014 gold eagles now, and short a bunch of stuff they regularly keep in stock. If gold/silver do continue to decline I think we're going to see an even larger difference between the physical and paper prices.
Upvote for Overmedicatedun. Let silver drop to $16 or $15 if it wants. You won't find sellers at $17. Hell, right now you can't find sellers at 18. 2008, silver dropped 60 percent, from 20 to 8. You couldn't find it for 8. Sellers don't have to sell unless it makes sense. When sellers stop selling, the price goes back up. Dealers just put out a sign that says 'sold out whether they have any or not. Anyone who thinks a product is going to be given away when it should be $130 based on price inflation alone, has some reading of history to do.
To all bellyachers, stop counting in dollars, and start counting in ounces, or get out of the trade and go away and do something you are qualifed to talk about.
Most of us bought way above the 19 level and will not sell untill it goes back up which will be a long time. This is why no inventory.
boss went to a gold dealer last week, no inventory for sale, his wife was holding down the shop, she said they had inventory but they bought at much higher levels..hard to do business right now.
But doesn't that also indicate they have nothing to buy at current prices? I suppose they may be out of liquidity, but if not some rubes should be rolling in every day to sell them some inventory at today's prices.
Their job is to buy and sell. And that's what they do. When Joe Blow gives up and walks in and takes any price offered, the dealer marks it up and re-sells it. (You can bet he has a vault filled with his own that he ain't touching.) If dealers have no inventory to sell, that means no one is walking in looking to sell at any price, or it means the dealers are taking advantage of the same riduculous prices for their own accounts everyone should be taking advantage of.
An honest comment.
I still do not understand how in one breath someone says the markets are manipulated and not free and in the next breath they talk about technicals as if the market is efficient.
Isn't the reality that holders of PMs (including Yours Truly) may have to wait a long long time for true price discovery? Which makes it a potential challenge to stay solvent without liquidating until that time.
Act on you silver addiction with caution!
Ya. You want full-on technicals I bet what would help more is a graph of volume, a time-series chart predicting volume change, noting if the volume is really low, and then noting if there's a whole bunch of empty quote trades at inhuman speeds for stupidly large amounts to fill.
Good thing no one here's ever looked at detail that fine (cough, nanex, cough).
philosopher, check out Harvey Organ-By December Whole Thng Going. this was a real god interview with Greg Hunter
USAWatchdg. It may be sooner than you think. Also (IF) and again If by you have not seen interviews on USAWATCHDOG tune it. Greg Hunter brings the heat.
Greg hunter takes fearmongering to new levels, heavy on opinion, light on verifyable data, which is why respectable economists don't even go on his show any more.
Just because it's alternative media, doesn't it make it quality.
We would have to wait until hell freezes over if it were not for the SGE and the fact that the control of the trade is moving to Asia.
Here's your answer. Charts and techinicals don't mean a damned thing. It's that simple. At some point, you need to rely on your own instincts and common sense, and your budget for discretionary spending. Forget the predictive charts....they mean nothing.
Depends what you're charting!
If you got to see a cheater at work and then later went up against that cheater in say, poker, you'd have 2 distinct advantages.
If you watch long enough you'll probably pick up patterns in the cheat. Is there a certain dollar figure? Or number of chips that go on right about before the cheat's going to be used?
And of course the most important item: you'll know who's a cheater if you just sit and watch.
From there if you're smart you could get some cash. Or if you're risk-averse you can walk away from known cheaters.
I agree that market manipulation and technical analysis should be mutually exclusive memes for an investor or trader or even for one who simply writes comments. Failure to abandon TA while admitting manipulation exists reeks of cognitive dissonance.
Perhaps it's even worse that that: knowing how many seem to be addicted to TA and act on those beliefs, the manipulators can use TA to determine the best times to further hammer certain investments down or, alternatively, boost other investments to the upside. If, for instance, a Fib retracement in silver is at 58% and everyone is looking for a turnaround at 61.8%, why not force the price down to break the 61.8% barrier and convince everyone that the price has further to fall? It would be like getting two desired results for one action: both price suppression and sentiment can be lowered or raised thusly, regardless of the (often hidden) reality.
No.
#1 you need to measure all the metrics being cheated: price is just one.
#2 you need to do real math and dispose of this nonsense concept of "resistance" and "support".
If you really want to call an inflection point you better call several & have some math to back it up. Most of this "upward momentum" and "triple bottom" stuff is nonsense, mathematically equivalent to reading tea-leaves.
Agreed. Technical levels are only inportant to the extent that the Cartel uses technical levels to push prices lower and cap upward moves, using them as "Cover" to "Explain" moves.
MANIPULATION ANSWERS ****** This is a must see ******
Larrt Parks interviews Chris Powell Secretary/Treasurer of Gold Anti-Trust Comettee, GATA
Also see Harvey Organ- By December Whole Thing Going
"Gold manipultated .1% lower for the week..."
Oh the HORROR. .1% why that's nearly $1.30 or about 26 cents PER DAY. It must have taken the concerted efforts of every central banker on EARTH to do that.
Do you gold bugs ever stop and listen to how ridiculous you sound sometimes?
You can look ridiculous early, or you can look ridiculous later on. Your choice.
False dilema logic. I can look ridiculous all the time.
What are they doing with the cash they raise shorting naked?
I will take fraud for $1200 Alex: I think the anwser is buying physical.
Sorry but wrong: the real anwser is selling S&P 500 puts.
I do listen. I can even spell manipulated but here's the deal.
Why don't you start a FED reserve blog, sort of a fiat blog site where you and fellow trolls can extoll the virtues of asswipe? That way you won't have to police the verbage of us trailer park residents? In other words, get the fuck out of here.
So fight club is about a giant circle jerk and everybody takes turns saying "he's right, ya he's right and I'm right cuz he's right."
Some posters here are trying to tell you, and you do seem to agree your playing 3 card monte, getting beat and you think somehow if you keep playing the dealer is going to give you a break.
When you buy out ABC and own this site let me know.
I don't claim to be right- in fact- being right doesn't have a damn thing to do with this.
How are we getting beat? An unbacked fiat currency being issued by a bankrupt nation is going to last how long? I don't price my PM against a worthless currency- I price its value against the currency that will replace the asswipe we use now.
In the meantime, Huffpo has some statist articles that would be more to your liking.
precisely right. I look at the food/medicine I will need vs the food/cash/silver I already have because one can buy the other from initial-investment to later BARTER trade.
I do all sorts of math tracking USLV, agq, hzu, spy, hvu, uvxy, etc., so if you want you can get some leverage in the realm of paper/electrons. Fine, it's a game, it's rigged, but that doesn't mean you can't play & who knows, might win a little.
After everything's been allocated to important things like tools, food, medicine, silver, gold. In hand, all. Don't bet what you can't afford to lose.
Or, put another way... http://youtu.be/IMXEOtxXRiM
Your getting beat because the ride up is in your on the wrong side of it. There is no one who can call for delivery. You have to hold paper to call it, and paper contracts have cash settlement built in.
I owned silver in 1980 rode from 6 to 50. Thought I had done the right thing.
Bang they changed the rules, because it was a threat to them.
You think your roll of quarters will save you if the world collapses?
We are all screwed if it busts . Takes one law change and you cant use your stash.
Dont tell any of your buddies about^ it, their the ones who turn you in.
Boating accidents dont work either, you sit in jail till you remember where it is.
The world is not going to end. Your going to be ok, no matter what your in the ride with all of us. The 99% anyway, take comfort in the fact the 1% own almost all of the worlds USD and they will take care of themselves.
PS The article is full of chartist info like moving averages and Fib retraces ect, may want to rethink who's trolling.
we are not all screwed if it busts. all were not screwed in the great depression. some investments, notably precious metals miners, worked out nicely.
your post, and its confidence, is a sign of a capitulation bottom.
the robber barons of the 1890's and the 1920's thought themselves invulnerable, as today's.
they weren't.