Loading ...Gold at $1633/oz in after hours … on what news?
Exactly, nothing. This smells of big banks trying to destroy the price IMO. Tomorrow is CRIMEX Options Expiration at 1:30pm EST!
No reason it sells off $60+ from the high today. I could see it easing down, but not crashing down. Nothing points to that outcome, unless a deflationary bust is upon us. The S&P 500 is only up 1% in after hours trading. Most all in the current environment is bullish for gold.
What a freaking joke but how is anybody here surprised. They NEVER lose! Beyond frustrating…
They are losing. If you Define “They” as those who want to keep gold in check
Gold has risen 50% In 9 months and is moving up rapidly
Yesterday’s “open” was an overshoot ….happens all the time….SPIKE the Adjustment
But it still went up.
Do we really want parabolic at this point ?
I believe the thing is not to be frustrated but just to observe and take into account.
You know that there will usually (not always) be a decline on or perhaps the day after options expiration.
You know that there will be the other manipulations and all the propaganda associated with it down the food chain in to the lower echelons of the financial propaganda sewer. You can put yourself in the position of clever people in the employ of those charged with keeping current systems intact. You cannot predict exactly when they will do things, always. But you will not be surprised if they in fact sometimes push prices up then push them down to cause discouragement. They would not be doing their job if they did not do that sort of thing. Although they have billions of ounces (at least e-ounces) to expend in a minute or two, they do not have infinite ounces, so they have to think carefully to do at moments of particular vulnerability to maximize effects (confusion, discouragement, and regurgitation of propaganda).
However just because it occurs and recurs in a frustrating way does not mean that it should be seen as either immutable or omnipotent.
We (certainly I) do not know what goes on in the high levels of central banking and government, though a lot is clear by inference and from study of many bits and pieces of old documents. We cannot know what they will do, but it is possible that some and possibly most factions may at some point decide to abandon the current style of manipulations (tending to dampen upwards movements) in favor of pushing the prices upwards.
Also, just because they may manipulate and with some cleverness does not mean that they are or always will be successful. They may only tend to have partially successful, transiently successful results. When they try to manipulate interest rates, employment rates, exchange rates, overnight interest rates, overall stock prices, commodity prices, health care costs, all the other things they target, they have varying degrees of enduring success. They are not gods. They are clever and the PM market is a small one, with lots of stupid and naive players (even the smart players have all too many limitations external and internal, such as ideological blinding), so they will have an easier time playing with it than with the many other things. But would you like to be in their position? They are screwing up royally overall. It’s just so very much easier for them in the PM market, which however may in fact be a potential Achilles heel for them at the same time since they can’t create physical gold (hence the extreme measures to encourage all the targeting and intervention everywhere but here and the heavy — only conspiracy theorists and fools talk about it here it only happens in other markets be an adult don’t be a crazy person don’t look at what’s happening it can’t be we all know this is the stuff of tinfoil hats or else it would be going to zero there are all sorts of reasons here look at our latest here no there our experts these experts they are so good at making fun of straw men it’s experts talking it’s not double talk — sort of propaganda.
So we just live with it. On its frustrating way up. (And they personally may in fact be buying along side us in their own personal portfolios, the cleverer ones among them.)
Very astute and intuitive observations Karl bravo!
Gary of NFTRH (who usually seems to mock people who dwell on gold manipulation) put it better than I in a public comment today:
“I went out in the afternoon with gold screaming upward on COVID-19 hysteria. I see something like that and I mentally prepare for the “volatility violence” we talked about in last weekend’s edition of NFTRH…
Maybe some of you old hats like me remember the last bull market, from 2001 to 2008. Yes, of course you do. Massive “attacks” on gold were routine, and they seemed to come at highly sensitive times for another manipulated asset class, stocks. How on earth can you calm the herds down and tend them back into stocks if gold is flying around way up there signaling ‘all’s not well!’?
Is gold manipulated? Why, of course. Policy makers and their agents stand ready 24/7 to shall we say influence the financial markets. Does gold get the shit end of the stick while stocks get the err, golden end? Why, of course. Deal with it, and don’t cry about it. One thing I have noticed over the years is that reversals in the gold price like yesterday, seemingly out of thin air, come more often in bull markets than bear markets. It’s a fact of life in a gold bull market.
Is someone strategically taking down the metal at a sensitive moment by jiggering the futures with a multi-billion dollar sale? Yeah, probably. Is it related to the BIS? Probably. Is it planned, coordinated and executed by scumbags trying to keep the paper and digital debt edifice from burning to the ground? Yeah, probably. Much for the same reasons they so desperately try to defend and pump stock markets.
Don’t personalize it! So they dive bombed you (assuming you are a gold booster) yesterday. If you were prepared mentally it did not mean anything…. The damn thing was getting overdone, anyway. It was a dive bomb, not a carpet bombing….
Gold is bullish. Silver is at support. The miners are bullish. The violence came and may not be done. For some, it may even represent opportunity….
reference: https://nftrh.com/2020/02/25/it-was-a-dive-bombing-not-a-carpet-bombing/
It’s just noise. Ignore it and stick with the plan.
Good idea, Northstar.