Removing Any Doubt
You may have missed it. In fact, you probably did. While you were out enjoying your holiday, we saw more proof of how Cartel algos are set to manage and control price, regardless of the day or time.
Just after 1:00 p.m. EDT on Monday, a very curious drop in the spot price of gold occurred. "Curious" in that all global futures markets were closed, with the U.S. electronic trading closed until later today, opening at 6:00 p.m. New York time .
But the futures markets being closed didn't stop a trade from effecting the spot price of gold which, at 1:02 p.m., fell by nearly $5 in an instant. This "trade" was noticed by ZeroHedge and it immediately caught my attention. The damage, however, was minimal and the spot price almost immediately recovered. As I type, spot is down about $1 and up over $3 from the low.
"What's the big deal, Turd", you ask?
Check this out from the RanSquawk headline service at ZH: http://headlines.ransquawk.com/headlines/spot-gold-moves-to-fresh-lows-in-recent-trade-and-breaks-below-the-200-dma-after-going-through-the-comex-trading-halt-for-gold-futures-although-there-is-no-fundamental-news-behind-the-movement-01-09-2014
What's that? "Spot gold moves to fresh lows and breaks below the 200-day MA"..."although there is no fundamental news".
That's interesting in its own right but here's your money shot, also from RanSquawk:
"On 26th May, 2014, when US markets were closed and electronic trade was halted, a similar move occurred at the same time, although the move was later busted by some charting systems".
So let me see if I've got this straight....
Today is Monday but not just a regular Monday. Today is Labor Day in the U.S. The U.S. markets are all closed. Yet, someone or something runs an algo that hits spot price at 1:00 pm.
May 26th was not your regular Monday, either. That day was Memorial Day in the U.S. and the U.S. markets were similarly closed. Yet, someone or something runs an algo that hits spot price at 1:00 pm.
Hmmm...Do you have any remaining doubt that there are Cartel algos, pre-programmed to run buy/sell programs at specific times during the day or night?
And now you know why I so often publish these 3-day charts from kitco. Here are just a few recent examples:
Look, you can believe what you want about "free and fair markets" and you can continue with your head in the sand regarding precious metals price manipulation. Knock yourself out. But these "markets" are clearly dominated and manipulated by malicious algorithms, designed to cap and manage price 24 hours/day, 5 days/week. The events of this past hour should help to prove the case beyond any doubt.