MLsoft, Couldn't is be the same huge gold bull is shorting to protect his gains and the market is pushing it higher. Seems to me I never see huge covering when the price gets high as in a significant squeeze.
As for the timing, I continue to believe that there is a concerted effort by a group of gold bulls (or one huge bull??) to squeeze the commercial shorts. It is unlikely that this would be attempted unless they had the financial ability to succeed and intended to do so. That, of course, does not mean they will in fact be successful, it just means that they are not just taking a blind shot here. ==============================================================
Hi ml, This excerpt from tonight's LeMetropole Cafe (Bill Murphy) references the 4.6 billion dollar gold buyer I alluded to last week and dovetails your comments:
RARELY HAS A RISING MARKET BEEN SO BULLISH FROM A SENTIMENT STANDPOINT AS THIS ONE!!! Especially since we are two years INTO the bull market! There is almost no understanding out there in the investment world why gold is rising and where it is going price-wise. GOOD FOR US! We’ve got a whole bunch of people to sell to down the road. However, with sentiment numbers like I’m seeing, no need to even contemplate selling gold or the shares for some time. I thought we would be getting close to a gold buying panic soon. Not even remotely close. Investors still can’t spell gold shares yet.
While there is not much gold interest by Joe and Jane public, there is enormous interest from the biggest players in the world. As discussed for many weeks, this move up has been orchestrated by some very deep pockets and some very smart traders. As The Gold Cartel gets their lunch handed to them on a weekly basis, it looks more and more like my information about a $4.6 billion physical market buyer is for real.
The specs are way in the money now. Many have substantial cushions to weather setbacks. The cabal is going to have to do an awful lot of huffing and puffing to shake them out. For the most part gold has moved up on its own. If the dollar were to really tank (the euro is 7 points off its highs), the stock market were to crack, or there were some serious derivatives disaster out there, gold could go bonkers very easily. The coming Commercial Signal Failure is not far off.
One more thing. We are in a bull market, as you all know. What you may not have thought about is that bull markets receive POSITIVE SURPRISES. In part, it’s what makes a bull market. Aside from the Blanchard court decision, we have not had many yet. We are due.
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