Not surprisingly, prices were jammed back lower at the Globex open last evening. Meh...happens all the time. What has my interest is what happens next.
If you're new to all of this, then this might be news, otherwise...You see, whenever there are significant gains made on the post-Comex, afternoon Globex trading, these gains are almost immediately clawed back in the evening when the Globex re-opens. It's as if The Forces of Darkness consider any afternoon rally as illegitimate and the gains ill-gotten. We saw this again last evening in response to Friday's $10 Globex rally. Note the full round-trip:
Prices then recovered a little, back toward $1175, and then things got interesting. Why? Yes, the London Monkeys seemingly appeared to drive price back down at the usual hour but notice the relative direction of gold vs the yen. For months, they've moved in tandem but, today in London, gold has plunged while the yen has rallied. Looks like the "break", that we saw on Friday and were hoping to see extend today, isn't happening just yet:
Someone, something or a collection of somethings wants to see this correlation continue. Whether that's a Cartel Bank or just the collective action of a bunch of pre-programmed algos is impossible to say. What is clear, though, is that the direct correlation, which was broken a little on Friday, is trying to re-establish itself today. As mentioned in the opening paragraph, I'm very interested to watch the action today to see if this link is hammered back together. Friday's price rally seemed to help GOFO rates rise a little in London, indicating a slight easing of the delivery pressure, but they remain significantly negative through three months. Again, is $1140-$1150 the paper-physical breaking point? Maybe...
Just two stories from the weekend that need you attention today. The first is this gold-rigging admission from Unlimited BullShit (UBS).
Let me tell you a little story...
I have a "friend" who works in management, within the retail side of UBS here in America. When gold was being smashed in June of 2013, this "friend" rather smugly informed me that UBS had just lowered their gold price target to $1000 and that "they're pretty good at that stuff". I mentioned back to him that this was a direct conflict of interest for them versus their clients as UBS specializes in:
My "friend" looked at me like I had suddenly grown three heads. First, being involved in the retail stockbroker wing, he had no idea what the terms "unallocated accounts" and "bullion banking" even meant. Additionally, when it came to price manipulation, that was all just a bunch of "conspiracy nonsense". Uh-huh...
Moving on, PLEASE take the time to read this follow up story on Sharyl Atkisson: https://stlouis.cbslocal.com/2014/11/08/sharyl-attkisson-joins-kmoxs-mar...
Here's the money paragraph. IT IS EXTRAORDINARILY IMPORTANT THAT YOU TAKE A MOMENT TO UNDERSTAND THE SIGNIFICANCE OF WHAT SHE'S SAYING HERE:
Sharyl Atkisson:...Hacking is a word that of implies to me sort of a single event — an in, an out. The forensics exams, three separate ones, have shown a long term monitoring and surveillance that went on both in my CBS laptop computer as well as on my home Apple computer. It’s pretty chilling when you consider the extent of the abilities they had, according to the forensics reports, to monitor my every keystroke, to activate Skype by getting the password to my account, and listen through Skype on to audio if I was talking in the room or talking on the phone. Being able to exfiltrate files using Skype, downloading and refreshing these surveillance methods periodically using something called a BGAN satellite terminal, using WiFi when I was at a Ritz Carlton at one point. I mean they left some very distinct trails because I don’t think they ever thought I would have the ability to have highly-skilled specialized forensics people be able to find what was in there. Ordinary computer analysts may be very good, but unless they know exactly where to look and they’re familiar with some of the proprietary government practices, I’m told, they will never be able to find the things that were found in my computer. But I was able to go to some very good sources.
If your government is willing to go to these measures to surveil a prominent member of the media, what steps might they take to surveil YOU, an every day regular bloke who is simply trying to prepare for the end of The Great Keynesian Experiment?This is truly chilling and should strike fear and caution into the hearts of everyone.
Hang in there but be smart...and, whatever you do, always be aware that Big Brother might be watching.