GOLDBUGS AMEX Goldbugs Index (GOLD)

[peel+green]

It was interesting to read Andrew Maguire saying on King World News, Monday, that he was confident the 'historical bottom' for Gold was in last Thursday, the 20th June.

It just shows how,strangely, the 'experts' keep looking at charts whilst at the same time shouting quite loudly that the market is being hugely manipulated by Fed and Bank paper manipulation. I just cannot see how any chart can be helpful or even worth a glance where Supply and Demand is being skewed by interventionists like GS or JPM on behalf of the Fed.

It was (I thought so anyway) that the POG was very stable yesterday and hardly moved up or down.

The conspiracy theorists will probably suggest that Bernanke's hint of QE tapering last week was ill-advised and had the unintended consequence of sending the markets into free-fall for a few days and so some concerted gold-trashing was needed to take the sting out of that fall. A hit on gold was therefore ordered up on Wall St and delivered fairly promptly.
On balance the theory generally stands up to scrutiny.