Antidote For Manipulation

221
Mon, Feb 11, 2013 - 12:47pm

Though, admittedly, it's anecdotal.

So, let's see...The Cartel uses the Chinese New Year holiday to jam price through the 200-day moving average. This trips a bunch of sell-stops and here we are. The gold chart now looks lousy and it is below each and every relevant moving average. Once again, if the LegHounds are going to go to work on ya, you'd better just let them finish their business. This too shall pass, though, and the opportunity to trade some paper may even present itself very soon.

So, what's this anecdotal antidote, you ask? Well, here's just a sample:

  • Once again today...and even though it's a Chinese holiday...the Comex drop sparked enormous allocations of physical in London. This continues the trend of paper-bashing in front, deliveries out the rear.
  • And this story certainly got a lot of play over the weekend: https://www.bloomberg.com/news/2013-02-10/putin-turns-black-gold-into-bullion-as-russia-out-buys-world.html. But what a joke it is that this MSM story opens with this paragraph:
  • "Not only has Putin made Russia the world’s largest oil producer, he’s also made it the biggest gold buyer. His central bank has added 570 metric tons of the metal in the past decade, a quarter more than runner-up China, according to IMF data compiled by Bloomberg. The added gold is also almost triple the weight of the Statue of Liberty."

  • Are you kidding me, Mr. Rose & Ms. Tanas? "A quarter more than runner-up China"? Did you somehow miss this story?: https://www.zerohedge.com/news/2013-02-05/china-imports-record-amount-gold-december-price-drop. Note the source material for the ZH story is this article, also from Bloomberg: https://www.bloomberg.com/news/2013-02-05/china-gold-imports-from-hong-kong-gain-to-all-time-high-in-12.html
  • But again, no sense alarming anyone. There's no way that China could be moving toward transforming the yuan into a reserve currency...at least according to The Economist: https://www.economist.com/news/leaders/21571442-rise-chinas-currency-will-change-way-world-does-business-yuan-money
  • And, of course, this from Bloomberg and BusinessWeek should just be ignored: https://www.businessweek.com/news/2013-02-09/china-passes-u-dot-s-dot-to-become-the-world-s-biggest-trading-nation
  • But my favorite is the notion that "gold is in a bubble" and that "everyone who wants to buy has already bought". A few days ago, we shared a post from SilverDoctors concerning first-hand evidence of extraordinary individual demand in China: https://www.silverdoctors.com/first-hand-account-of-gold-silver-mania-in-china-black-friday-style-mobs-scrambling-for-bullion/. Over the weekend, a Turdite reported a similar situation, this time in Thailand:
  • "Hi Turd. Just got back to my apartment in Bangkok. Went to china town, its Chinese New Year today. WOW. Talk about quite the time. I am here for a month exploring the city and trying to drum up some international business contacts. Anyways on to why I emailed you. The gold buying was freaking NUTS!!! Stores were packed. I walk by a huge horde of people and a big announcement, I weave through the line to see what the commotion is. It is Disney announcing a new line of gold coins and jewelry they are launching, people were going berserk. I thought I would mail you some pics. Thought the Turdites might enjoy."

    So, take it all for what it's worth. However, it certainly seems that if The Monkeys insist on jamming price lower in NY, there's an unlimited supply of physical buyers around the rest of the globe, from Central Banks to ordinary citizens. The question is: On whose side do you want to be on, the paper sellers or the physical buyers?

    Lastly, I was honored to be on with Dr. Janda again yesterday. Here's a link if interested in listening: https://www.davejanda.com/audio/TurdFerguson021013.mp3

    Have a great day.

    TF

    About the Author

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    turd [at] tfmetalsreport [dot] com ()

      221 Comments

    Mr. Fix
    Feb 11, 2013 - 12:51pm
    BIGNASTY
    Feb 11, 2013 - 12:53pm

    Demand is high everywhere

    Demand is high everywhere but the price keeps dropping, BTFD looks like my tax refund just got spoken for. Kind of crazy when the soviets are leading the way to structural fiscal /market integrity. Thanks Turd for more great info.

    Bollocks
    Feb 11, 2013 - 12:54pm

    huh?

    It's a thread-frenzy day!

    Mr. Fix
    Feb 11, 2013 - 12:55pm

    First.

    Who would have thunk it?

    (Sorry, I didn't intend a double post.)

    ag1969
    Feb 11, 2013 - 12:56pm

    Wow, Turd Busy today.

    And he has not even gotten to the Petrus Romanus post yet!

    treefrog
    Feb 11, 2013 - 1:00pm

    furth!

    happy monday! is that a bounce off of 30.82/1645-6? too early to tell. here's hoping, anyway.

    ag1969
    Feb 11, 2013 - 1:03pm

    And I doubt I will

    Maybe sometime soon but not today.

    Anyone wishing to read upon their own, this wiki page pretty well sums it up:

    https://en.wikipedia.org/wiki/Prophecy_of_the_Popes

    acer rubrum
    Feb 11, 2013 - 1:06pm

    6th

    If fix is first with double post, and Turd's post doesn't count, them I would be the 6th... like the soon to be released wood bison https://silvergoldbull.com/1oz-2013-canadian-wood-bison-silver-coin

    Kcap
    Feb 11, 2013 - 1:09pm

    Come on now Turd...

    It is indeed true that...

    "everyone who wants to buy has already bought".....

    BUT, what they are not telling you is that all the people who "don't know they want to buy have yet to buy"....

    The smart people have already bought. The sheep will follow...they have to, they always do. CB's, SWF's, BB's....they are loading to the gills despite paper machinations.

    The whole thing just warrants a big 'ol LOL!

    Kcap

    Feb 11, 2013 - 1:10pm

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