Hi, 49r. Yes, I remember the last $400+ move, and that area does appear key. Official intervention was almost taken for granted after so many unsuccessful attempts to move through that level. I also seem to remember the BIS being quoted more recently as saying that a true gold bull will take no prisoners, referring to official bailouts, off market covering, etc. Been wondering if the NY Federal Reserve Bank's Mr. McDonough is attempting to meddle in the gold market as we speak and break ranks with the BIS. And Europeans?
Cheers,
banco
For other readers: N.Y. FRB's William J. McDonough is also Chairman of the Basel Committee on Banking Supervision which meets at the BIS.
(The Basel Committee on Banking Supervision is a committee of banking supervisory authorities which was established by the central bank Governors of the Group of Ten countries in 1975. It consists of senior representatives of bank supervisory authorities and central banks of Belgium, Canada, France, Germany, Italy, Japan, Luxembourg, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States. Its current chairman is Mr William J McDonough, President and Chief Executive Officer of the Federal Reserve Bank of New York. The Committee usually meets at the Bank for International Settlements (BIS) in Basel, where its permanent Secretariat is located.
bis.org |
