Loading ...“Note immediately after Fed blather the initial massive selling at $1159, just a few ticks under +1%. A whopping 11,062 contracts in 5 minutes couldn’t get gold through the 1% zone. Another 8,790 contracts in the next 3 minutes finally lifted gold over the hurdle. $1171.10 is now the nut to crack. No technical point of course, just the cartel’s 2nd limit-up. A breech of that number would be the most encouraging thing we’ve seen in a LONG time. As I type it’s hovering in true cartel fashion right under +2%.
Look, up in the sky! It’s a dove, it’s a hawk- no, it’s Super Fed Man. Capable of leaping tall debt mountains with a single word. Fighting for opacity, cronyism, and the bankster way of life.
JMc
The good news is that gold and silver were brought back from a death watch. We have a shot at least that The Gold Cartel can’t continue what they have been doing. But, for the moment, all that has occurred is The Gold Cartel set up a certain amount of spec shorts to cover so they could sell what they bought on the break. Unfortunately, James Mc has it nailed and I am disgusted as he is. (Keep the pre-Fed talk gold bearishness in mind and what that really should have led to on the surprising news.)”
***Maybe it’s a good sign that I don’t believe, but I doubt it.