GOLDBUGS AMEX Goldbugs Index (GOLD)

[Montanore]

That's a good read and it alludes to something Cork was saying earlier. That is, the manipulators dump a huge amount of (paper) gold, thus smashing the price down in a matter of minutes. This destroys the charts and the chartists then say gold and silver didn't break out and it's time to sell and so forth. That plays right into the elite banks' greedy hands.

It makes no sense, or in this case dollars, to dump a huge position in a market that you know cannot handle it unless you are trying to move the market lower.

Every single person who watches and trades markets knew that gold was breaking out and that the pattern it just broke was pointing to much higher prices so a large seller would be foolish to sell at the start of the move that was likely to take gold above $2,000 within three months.

Gold was manipulated and that’s a fact.

Holding the metal itself though, I could care less, but when trading it’s a real pain and we did incur losses as a result. Maybe one day a class action suit will be brought but against who specifically it’s hard to prove at the moment.

Now gold is damaged on the chart quite bad and we will see what the new week brings. Chances are pretty good that we can climb back into the breakout area but we won’t have the same amount of traders pushing it higher unless we can build another nice pattern from which to move up from and that takes time.