Loading ...The best? I’ll tell you. After Gold started working its way down after $1900 a few years back, I phoned a friendly smelter in Ca. to get his opinion as to what is going on. Figuring he can see and hear better since he’s involved in the business.
He told me…….”Keep buying short gold contracts six months out” I thought he was too pessimistic and wrong, but he turned out right. So figuring he was the best forecaster, I got in touch with him this past July 24th after gold started dropping hard from around $1300 and $1200 area to get his latest opinion. Copy paste of notes below…
Norman,
I enjoyed conversing with you the other day. You make a lot of sense. Below are parts of an article I saw suggesting the drop was orchestrated, and possibly “disguised” as a sell by China as you suggested. I agree with you. Story also suggests, they drove prices lower, on purpose, to buy gold cheaper.
Best regards,
Larry in N.Y.
Parts:
“In the early Asian trading hours on Monday, when usually only ten of the contracts of gold to be traded, investors dumped more than 500 million US dollars worth of gold bullion in New York in four seconds, the triggering of the market, the biggest setback in years.”
“The sell-off began, if one or several massive sell order hits the price of gold on the CME Group Comex futures in New York a tenth of a second after the 9:29 a.m. in Shanghai, triggering sales of nearly 5,000 a lot of gold in a blink of an eye. This corresponds to 13 tons of gold, more than usually trades in hours, during this time of the day and the selling knocked the price of almost $20 to $1,100 per ounce in these four seconds. It was the first stage of a dramatic 60-second sell-off that saw prices fall by more than 4 percent to five-year lows.”
“So far this has almost succeeded, with gold repeatedly sliding just shy of $1080 but never actually breaching it. We expect this too support level to be taken out as what is now clear and accepted manipulation continues, which in retrospect, will merely afford those who buy gold for its true practical value, as insurance against a systemic collapse which is pretty close to where the Chinese central planners find themselves right now not to mention the imploding European monetary union, to buy more for the same paper price.”
more:
http://market-robots.com/blog/2015/07/23/the-hunt-for-the-secret-gold-bear-raid-leaders-begins/
Roger that Norman,
Thanks for the up date. I think the central planners have been running the economy like a game. Sometimes like a game of chance. Aka a casino economy.
Unfortunately, or fortunately, all games have an end. The problem is, how do you change the transmission while driving down the highway? They have to adjust the ground rules.
I think the “game” is trying evolve, right itself naturally, out of need, to make the game more fair, more practical or just a better game.
Re the new $15/hr. hoopla? That would be a new rule change in the game. A reversal of the past, for everyone’s best interests. At this time.
Larry
Larry,
I enjoyed your commentary, so true and so sad. Look for gold to bottom out at $1,030 as my brother in law claims. Next week will be the deciding factor. My brother in law, his name is Gary Wagner has a news letter for precious metals. Look it up, it’s called The Gold Forecast.
Gary is a genius at mapping and strategy, he hits the market about 75% of the time. Have fun
Sincerely
Norman