The Battle Continues

416
Fri, Sep 9, 2011 - 8:53am

I thought the Swiss were always supposed to be "neutral" in global battles for supremacy. Apparently not.

We are clearly in a very interesting battle for the price of gold. Through their actions, "Western" central banks (the bad guys) have made it quite clear that they would like to see the price of gold drop, hoping to see the value of gold be reduced at the same rate they are reducing the value of their fiat. "Eastern" central banks and prudent global investors (the good guys) are seizing upon each manufactured dip. Thankfully, so far, the good guys are winning. Whether this will cause our adversaries to give up and retreat to higher ground remains to be seen.

The battle will almost certainly be joined soon by the criminal C/C/C. The actions of the central banks have once again provided the volatility "cover" they need to raise margins. Of course, the C/C/C is not a true ally to the central banks in this battle because they are acting in their own self-interest. Like we saw yesterday, The Cartel will likely use any protracted weakness to continue covering long-held short positions.

Given all of that, I think we can be quite confident that recent trends will continue and, accordingly, that the trendlines on the charts below, especially the longer-term ones, will continue to act as solid support.

So far, gold has rallied back nicely from its lows near 1825. I have a last of 1844. As the battle continues to rage, my suggestion to you is to stay on the sidelines. Hold your positions but only add on steep selloffs, down to the major support areas, where confidence is higher that floors can be found.

I'll be watching things all day and will update as needed. TF

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  416 Comments

margaritatime
Sep 9, 2011 - 8:55am

Thank you

Thanks TF

Shill
Sep 9, 2011 - 8:59am

Some morning laughter

Geithner: Obama jobs plan would quickly add jobs - MarketWatch

HA HA HA HA HA HA HA HA What a retard.

Thanks Turd for the update I needed it.

JimmyTheHand
Sep 9, 2011 - 9:00am

COT Report

I think they COT report will reveal much this week and next. As for me, if we hit 1775 and/or 40.75 I will there to buy with both hands!!!!

Thanks for everything Turd.

unky
Sep 9, 2011 - 9:04am

CB achieves nothing

The central banks just achieved that Gold is not going even higher priced in swiss francs. However its now still as high as it was when they devaluated the franc.

I doubt they will be able to push it as low as it was before (~1500 francs/oz)

THis is espacially true when considering the swiss is now in the same boat as the Euro and the Euro is loosing ground compared to the dollar (already 1€=$1.37 today)

Sep 9, 2011 - 9:04am

Hmmm....

I would imagine that his may help the PMs catch a bid...

https://www.zerohedge.com/news/market-chatter-greek-default-over-weekend

ericplatham
Sep 9, 2011 - 9:08am

How many times can gold touch the bottom line?

I am sure looking to the FOMC meeting in 11 days

silver foil hat
Sep 9, 2011 - 9:11am

@shill

adding one job this month will be an infinite increase (percentage wise) in the jobs created over last month.

I can see the headlines now to praise Sotero...

SEPT JOBS REPORT.... INCREASE TOO HIGH TO CALCULATE.

That's just with ONE job created this month.

SilverBoy
Sep 9, 2011 - 9:12am

You should watch EUR/Gold! It's funny how EU banks try to

pullback gold price. They have no power to do that.

margaritatime
Sep 9, 2011 - 9:12am

MH

Turd, others;

My own theory on a MH posted last thread here

I have a feeling they are keeping this round in the chamber, they already have the premise [reason] of volatility to do an MH.. Now they are just going to dangle it. Perception and confidence, like I said.

Tom L
Sep 9, 2011 - 9:12am

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