If you haven't seen the series already, BiiWii's now very regular guest poster "Jon" (who just happens to be someone who has forgotten more than us mere mortals know about gold and emerging markets) has been giving his wise saws and modern instances in the series "gold this morning". Today's offering is as good as ever. "Where are the sellers?" asks Jon. Exactly.
You should make BiiWii's "gold this morning" series part of your morning reading. Well, only if you want to make a profit in the markets, that is. DYODD, dude.
UPDATE: Where are the sellers? In NYMEX, of course. Here's the chart, courtesy of Kitco:
Now I'm not one that dwells much on manipulation conspiracy theories, the type that keeps the tinfoilhat brigade awake at night with their righteous indignation attacks, but it's pretty clear that New York is trying to keep a cap on gold at the moment and does it via early session sales when NYMEX opens. In today's case gold rallied to 1365 overnight on world markets, but NYMEX opens and it gets pounded back down to the 1350 level, cutting off the rally.
Yes, the PM markets are manipulated. Of course they are, so stop your freakin' whining, get used to the idea and allow the artificial moves to make you money, not just give you a dumbass fist-waving opportunity.
UPDATE: Where are the sellers? In NYMEX, of course. Here's the chart, courtesy of Kitco:
Now I'm not one that dwells much on manipulation conspiracy theories, the type that keeps the tinfoilhat brigade awake at night with their righteous indignation attacks, but it's pretty clear that New York is trying to keep a cap on gold at the moment and does it via early session sales when NYMEX opens. In today's case gold rallied to 1365 overnight on world markets, but NYMEX opens and it gets pounded back down to the 1350 level, cutting off the rally.
Yes, the PM markets are manipulated. Of course they are, so stop your freakin' whining, get used to the idea and allow the artificial moves to make you money, not just give you a dumbass fist-waving opportunity.