The End Is Near
Actually, just looking for an excuse to post this photo again. This sad-sack dude looks about like how I feel these days.
Alas, though, the end IS near. I believe gold saw the final capitulative low late yesterday into the overnight as the June12 contract touched $1526.70 and is now $22 off its lows. Marking this event seems to be the rumored, and apparently true, margin liquidation of a large (JPM client?) position in gold. This mainly transpired after the NY close yesterday on the thinly-traded Globex. Note how it occurred after the close and the weekly CoT survey. If there was an "event", the timing allowed for skillful covering of their tracks.
So, we'll see. IF we've reached The Bottom of this 11-week torture session, step one was placed early this morning with a low at important chart support, near 1525. After a brief rally, which has already begun, we'll inevitably see a pullback to near the lows. From there, having double-bottomed, the next rally then extends to a higher high and The Bottom is officially in.
I finally had some time to check and respond to some emails this morning. Lots of good stuff in the inbox. Here are links that you really need to consider.
First, this article from Matt Taiibi at Rolling Stone. If you're unfamiliar with Matt, you should know that, even though he works for Rolling Stone, he truly is one the primary "investigators" on the case of Wall Street shenanigans and fraud. This blog post is very, very important, especially when you consider the naked shorting we all see in the PM markets.
To that end, read this. From one of your fellow Turdites:
Has anyone heard about this yet? Looks like there's some "competition" for PHYS coming soon. All this does is create more demand for real, allocated gold.
Lastly, I'm posting this "sight unseen" as I have not had the time to watch it myself. However, I find teh premise interesting and the guy who sent it to me sure was excited. If you have the time, give it a whirl.
OK, that's it for now. For a little Turdville history, here's a link to the previous post that included the same image of "the end is near". Be sure to read the comments and follow some of the links posted. You'll see some of the very same bearish arguments being made today were being made back then. Interesting...
Have a great day and be sure to feed Calvin. Here kitty, kitty, kitty! TF