Loading ...The weakness today is not entirely due to manipulation, but also paper market speculators who have no regard for risk. The open interest put / call ratio on SLV is .26, AGQ is .34, GLD is .51, UGL is .25, GDX is .51, GDXJ is .83, NUGT is .78, and XAU is .73, with short interest in relevant measures low as well.
So, in a world where the markets are primarily controlled by algos and the machines, how are precious metals supposed to rally on a sustained basis, given a bounce is apparently under way at present?
Answer: They cannot. Sure, they can bounce, however New York bankers are still firmly in control of the situation no matter what happens in the short-term. (ex. Yen rally, Swiss gold buying, etc.)
It will not matter until the reckless paper market speculators find an appreciation of risk while trading in sentiment based faulty and fraudulent US based precious metals pricing mechanisms (they are not markets but self managing interventions preying on stupified and excessively greedy speculators who do not watch true sentiment indicators, if any at all.)
Cheers