Today's price slam marks the sixth day in the past nine where the price of Comex Digital Gold has been suddenly and deliberately slammed at/near 8:30 EDT. We wrote about this last week and, unfortunately, we have to write about it again today.
Here's the post from last Tuesday and the post we wrote for Sprott later that morning. You might go back and review both:
And now, with another slam today, that began just a few minutes behind "schedule" at 8:39 EDT, here's an updated chart of the past 10 days. These are 10-minute price and volume periods. If you look closely, you might notice a pattern...
And so here we are...finally at the target The Banks have pushed toward since the afternoon of the 1oth...shortly after the release of the March FOMC minutes. The only bright side? Every day for the past week we've mentioned what should be solid support near $1270 and we've already bounced from that level today. In fact, if we look even closer, any additional Cartel smashes SHOULD be gobbled up by stout support anywhere between $1260 and $1270. This is KEY support so EXPECT The Banks to try to break it. However, I expect it to hold. We'll just have to see who wins...
And, unfortunately, our charts and discussion yesterday regarding Comex silver sure rang true. In yesterday's podcast, we gave you the chart below and mentioned that today would be an important day as price was once again squared up against The Banks' trendline.
The only bright side this morning? We've been mentioning that the next line of support would be $14.70 and that's almost precisely where today's slam bottomed.
So now we wait to see what happens next...though the most likely outcome is that The Banks will use that trendline to smash price all the way back down the $14.30 before it finally breaks and ends.
(THEM: Technical analysis is useless in a manipulated market.
ME: TFMR's "Manipulation Analysis" is helpful precisely because these markets are manipulated.)
And finally, there's a lot of Apologist talk today about gold dumping only after the POSX began to rally. The first question you should ask is...Did the POSX spike the other five days at 8:30 EDT? As you can see below, of the six days where CDG has been smashed at 8:30 EDT, only the 10th and today have seen significant POSX spikes at the same time...and the 10th was BEFORE the FOMC and the spike was simply a reaction to the release of the March CPI that morning.
But, whatever. With the POSX back at the critical 97.70 level, what happens next is far more important than what happened ten days ago.
OK, as I close, I've got $1270 and $14.76. Let's watch to see what happens next and then get back together for a podcast summary later today.