GO GATA!!!
The dollar finally hit the skids late yesterday afternoon, a skid which continued into today’s trading sessions around the world. The dollar fell against all major currencies, closing at $88.47, down 1.49. The euro roared up 2.28 to 122.28.
Once again it was easy to spot The Gold Cartel trying to halt gold’s advance along with the dollar drop. The euro would make a high last night, gold would pop, the euro would set back a few ticks and then gold would go right back down. This noticeable cabal effort was accelerated when the US markets opened for business. The dollar was hit hard, yet gold kept retreating after following the dollar weakness. The source of that weakness was "over the counter selling," a.k.a. known as the bullion banks blasting gold for the cabal honchos.
However, as suggested in recent MIDAS commentary, the bums were "overpowered" by massive physical market and spec futures buying. It was furious as gold went up the limit after an hour of trading (the $6 Rule was invoked when bullion gained $7 in fast market conditions). The call went out to all cabal forces to calm the market down at all costs. Soc Gen was the noticeable cabal ally halting the gold advance.
We know the physical market buying was for real as the PM Fix came in at $471.80, up $6.20 over last night’s Comex close. The efforts by the cabal crooks to take the price of bullion back down failed. By the close gold was back at PM Fix levels. However, the cabal’s Bigfoot hand was obvious. Gold was not allowed to take out the highs it made during the first hours, as is nearly always the case when gold surges. Also, the volume was very heavy as The Gold Cartel called on their heavy artillery.
Time to revisit my favorite GATA comment. GATA’s Andrew "Harry Potter" Hepburn stood up at the New Orleans Investment Conference last year and said the intellectual capital in the gold world was in the room (in the GATA camp) and most of the rest of the market commentary was drivel.
Andrew made that soft-spoken comment because unless you understand and deal with the manipulation of the gold market and what The Gold Cartel has done, you really won’t understand the gold market. That has been, and is, the key to why the gold price continues to rally. Other factors are very important to gold, but they are secondary.
Reasons why Andrew was right:
*GATA has called the market better than anyone else for four years now.
*We said gold would make its move as The Gold Cartel ran out of enough available central bank gold to meet the growing demand.
*We said gold could rally $100 and the dollar do nothing. Wasn’t anyone else out there touting such a notion as far as I know.
*Gold has risen around $50 and the dollar has been flat to firm.
*Planet Wall Street and most gold pundits could not explain gold going up like it did. Finally some said gold was rallying because of lack of confidence in the euro. Now the euro takes off and gold goes with it, leaving the MOB even more clueless.
*Then, they said gold was going up because of the oil move up. So oil drops $8 per barrel and gold goes right back up to its recent 18-year highs.
Oh, well.
Here is someone who gets it, who understands what the gold market has been all about the past many years. From Bernie Schaeffer today:
Some potential investor "shoulda coulda wouldas" for 12-18 months from now:
I should have bought gold for under $500/ounce and ignored the "experts" who attributed the early stages of the rally to "speculation" that would soon run its course. I should have focused instead on the fact that gold was still at record low levels relative to the price of crude oil, that U.S. government spending gave all indications of spiraling out of control, and that new trading vehicles such as gold exchange-traded funds (ETFs) would allow demand from the general public and the hedge funds to overwhelm the tidy little club that had managed the gold price for several decades
http://www.schaeffersresearch.…bservations.aspx?ID=14270
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