GO GATA!
(The MIDAS turned into a running commentary to highlight the flagrant anti-trust activities of The Gold Cartel and Plunge Protection Team)
This is really disgusting. To give you some idea how The Gold Cartel and Orwellians do their business, while simultaneously and hypocritically proclaiming a love for free financial markets, one only need view what happened late yesterday … which on carried into this morning and throughout the day.
First, gold roars $16 higher yesterday with copper soaring an amazing 40 cents+. This must have thoroughly ticked off those at the IMF, LME and Gold Cartel headquarters. After all they had set a plan in motion to bail out the base metals and precious metals gold shorts. They said as much with their pronouncements in the press that the IMF was ready to put its new financial market authority into action.
Thus, immediately after gold and silver put in their powerful recovery performance on the Comex, The Gold Cartel hit men went to work in the thinly traded Access market, swiftly taking gold down a few dollars. Concurrently, they went to work on the gold shares, wiping out 60 to 70% of the day’s gains in the senior gold company shares. It could not have been more blatant and telling of what was come this Wednesday.
It wasn’t long that gold was down $7.80 on the Access Market, as reported in yesterday’s MIDAS. No free market trades this way, roaring higher … and then giving up half of its gains with few traders around. This was nothing more than painting the tape to send a message to other gold traders where The Gold Cartel intended to take the price of gold during the next Comex trading session.
At the same time, the dollar rose sharply late afternoon and the US S&P futures market dipped another 5 points after sinking into its close at 4 PM.
As mentioned yesterday, it seems to me something is wrong in US financial market land and the powers in Washington and New York are petrified of a market blow-up. A key that something is wrong is when gold is hit hard for no apparent reason. As South Africa’s Peter George mentioned in GATA’s Gold Rush 21 DVD, gold goes down when there is every obvious reason it should go up. So much so, "It is a joke." This type of counterintuitive trading has occurred for years, courtesy of The Gold Cartel
As we sail into the openings for the US financial markets, gold has now been hit for more than $10, but the dollar has given up most of its gains. Why is that? Naturally, as is so often the case, while gold is hit going into its open on the Comex, the S&P has rallied 3 points in the last two hours.
Café members, it does not get any clearer. You have a Gold Cartel working to suppress the price of gold whenever they can and you have a PPT (Plunge Protection Team) propping up the US stock market whenever they can.
Silliness and obfuscation have already been making the rounds as to what is going on. This is the worst one from last evening:
Dollar Rises in Asia Amid Concern Bird Flu May Be Spread by Human Contact
http://www.bloomberg.com/news/markets/currencies.html
More on the same from Adrian re Goldman Sachs:
Bill,
In yesterday’s commentary I said that I expected that when the TOCOM figures would be released I would see GS cover their shorts before the $16.3 rise on the COMEX. But that was written BEFORE I saw the HUI die an unnatural death at the end of the trading day and then gold beaten down over $8 on the ACCESS.
The fingerprints left on the market were sent to the GATA Crime Lab. Checking the computer database an instant match was found with prints on record of an elusive criminal gang known as the "Cartel".
Considering today’s action it will be no surprise to anyone to discover that in the May 23 session on the TOCOM Goldman Sachs INCREASED their short position by 2,734 contracts. Clearly they did not want yesterday to be a bounce in the market and they needed more traction on the downside to cover their massive short position. So today on the COMEX we see the attempts to get much lower gold prices. GS now has their biggest net short position on the TOCOM this year and I believe it is probably their biggest net short since joining the exchange.
With the gold market at this juncture they are simply standing in front of an express train.
Cheers
Adrian
This is both sick and insane. Gold was walloped for more than $22, after a surprisingly weak Durable Goods number was released … one which took the dollar even lower and interest rates lower … both of which should have sent gold higher. However, as Café members know, gold is always hit on economic/geopolitical news coming out of Washington … ALWAYS.
It seems to me the deal is this (besides a hidden derivatives nightmare):
Planet Wall Street’s main focus is on whether the Fed will "pause" with their interest rate hikes in June, or to continue to raise rates to combat the increasingly obvious inflation in the US. The US economy, including the housing situation, is slowing markedly so the Fed wants to pause. However, many of the pundits are pointing to the high price of gold as a key reason to maintain inflation vigilance … a vigilance which could really roil the real estate market and an already swooning stock market.
SOLUTION: Bury the gold price for the time being with all resources that can be mobilized in order to defuse inflation talk.
![:]](https://goldseiten-forum.com/wcf/images/smilies/pleased.gif "Freude"){kind=small}
