What's the old phrase? We may not agree on what pornography is but we all know it when we see it? The same is true in gold and silver. We may not all agree on the culprits and methods of price manipulation, but we all know it when we see it. The action last night and today are your most recent examples.
So, back on Tuesday, we noticed the old tried-and-true Cartel sell signal...the Globex raid. As soon as the silver Comex closed, price was immediately shoved back for the 200-day in a move of over 1%. We discussed this in Tuesday's podcast and expected a raid yesterday but it didn't happen. Then, when a similar Globex raid hit yesterday, you almost had to KNOW what was coming...and so it did.
Price was drifting along last evening (New York time) when suddenly, They struck:
By resetting price this way between Comex sessions, The Banks hoped to engender even more sell-stop selling and liquidations at the Comex open earlier today and it was mission accomplished on that, too:
But here's the good news (at least for now). We had projected (hoped) for support from the 100-day moving average and we got it. That Dec15 100-day is $15.38 and I have a low earlier today of $15.37. Pretty cool. And now we're back UP to a last of $15.65. For anyone hoping for a Cartel "loss of control", this is a hopeful and optimistic sign. But don't get carried away just yet. They could still come for it again later today and overnight so stay vigilant.
In gold, can it be any surprise at all that price was rigged down and away from the 100-day moving average...AGAIN!! Here's the chart I posted to the previous thread about an hour ago:
And here's another one of those weekly charts with the purple arrows. Could this be more obvious??
So, if you're looking for a real turn and a true signal that The Cartel is temporarily on the ropes and backpedaling, you've GOT TO SEE a move of significance UP and THROUGH this 100-day...and then the 200-day, too. Until then, The Banks will keep prices capped and trending lower while the HFT algos and funds keep selling the rallies.
And anyone with a trading position in miners is going to want to watch the HUI here, too. It's probably going to want to reach down and fill that area between 121 and 122. What comes after that will be important. Can it then move higher...through 128 and toward that 133 level? Or will it collapse back down again?
Still ZERO October gold deliveries in October! Again, the only "deliveries" thus far this month occurred on the 29th and 30th of September for a meager total of 126. All the while, total October OI has fallen from 3,092 to yesterday's 1,546. I don't know. Maybe it's nothing and just standard Gold Bank bullshit. But this sure feels funny given the utter lack of registered gold...a total that has remained at just 161,000 ounces for over three weeks now!
Finally, these are your BIG financial headlines of the day:
To that end and because this is all beginning to seem quite ominous, I hurriedly tracked down Denver Dave this morning and recorded about 20 minutes of discussion. I've got to try to clean up the audio a bit before posting as the neighbor's lawn crew showed up outside my window about half way through. Once I get that done, I'll be posting the "interview" this afternoon in lieu of a podcast. So, please be sure to check back later. For now, here's his latest on the subject:
Have a great day.