"gold this week" @ the-privateer, desperation by cartel
"If you are angry about this blatant manipulation, we do not blame you. If you are incensed at this latest demonstration of making it as hard as possible for the individual to protect him or herself from the results of the actions of their political "representatives", we are in full agreement. If the inability to understand or the indifference of many of those around you is wearing you down, we can only say HANG IN THERE! This Gold "hit" is an eloquent demonstration of how desperate "they" have become.
Yes, Gold may go even lower from here. Its intraday low for July 26 was $US 300.50. It may go back below $US 300. But the situation only becomes "serious" if the post April 2001 uptrend is breached, and as long as Gold remains above $US 290, that won't happen.
The political capital expended to get the political metal back "under control" this week has been staggering. And in any conceivable REAL WORLD situation, political capital is limited. The U.S. Administration and establishment have now made it crystal clear that they are going to explore those limits like few of their historical predecessors have ever dared to do. It is going to get REALLY hairy from here on in."
the-privateer.com
(borrowed from Drilling II thread)
me:
here is something to consider in magnitude of suppression
my figures are not exact, but close
the outstanding naked short gold futures position was 130,000 contracts this summer
on Tuesday alone, during lunch, JPMorgan and GoldSux added 88,000 more short contracts
now they have almost 220,000 contracts
these guys are desperate, and are getting deeper in hock
/ jim |
