“Now what!?”
In some respects, I feel like the cat in the pic above … “sure, you got what you
wanted, but it isn’t anything what you expected it to be like” … and like the cat
with the yarn, we finally get gold where we want it, and it behaves so badly, it
makes life before the moves lately seem “civil” … and after 6 - 7 long years in the
manipulative wilderness, gold is finally stretching its legs and letting everybody
know it still matters.
This week’s 20 Day Range MA’s directly below.
click on any chart to enlarge
The gold chart tells the story, as you can plainly see the daily range pulling away
from the New York range … it’s been a very long time since gold had a $20+ range
for the day over 20 trading days … have to go back to 2012 and 2013 for that
… let’s hope it stays here … Silver on the other hand looks dead by comparison
and the SP500 is behaving its manipulative masters well these days.
The biggest surprise so far, at least for me, since gold came back to life and
decided to play again, is the surprising trading action in the “dark hours”
… those hours between the Wall Street close of stocks and the start of Asian
trading in China … that 4 - 5 hours has always been like “Death Valley” … very
wide spreads, no volumes or liquidity, and simply awful trading conditions
… wander into here and you’re basically handing money to the scumbag bullion
dealer banks.
And yet, lately it’s been “gun ho”, with some of the wildest swings in price since
the heady days of 2011 - 2013 … and it simply makes no sense to me, other than
somebody wishes to manipulate price higher … most likely suspect is the
ChiComs, who simply don’t care much about price, they want the physical. Last
week, saw at least 2 days have $20 ranges inside a half hour … and do ya think
New York could ever get its ass in gear and do this? … over the scumbag bullion
banks dead bodies, which incidentally I’d love to arrange as a public service.
The last couple of months have been rough to say the least, and not just for gold,
which has gone from dead and buried to a roaming vampire looking for victims in
record time, thanks to a complete flip-flop from the FED. It’s also been a trying
time for offshore brokerage houses.
Since last fall, up until very recently, I’ve been looking around for a new brokerage
house, cuz I haven’t been happy with Turnkey … I thought Coinexx might be a
good solution, but in the last couple of weeks, they did two things which
infuriated me to no end; 1) they killed their crude oil markets with high spreads
and then killed their Hang Seng market for no reason, and 2) management stiffed
me twice on scheduled conference calls, after assuring me via email they would
engage me in conversation about their problems … well, after the second time of
being stood up, I told them to go pound sand. Meanwhile, much to my surprise,
Turnkey started solving long standing problems I have been raising for months,
not the least of which is latency issue on fills … with new servers and banks, since
they’ve made the switch a couple of weeks ago, my market fill times have been
very good with almost zero slippage, and in gold that’s saying something.
In addition to this, over these last several months, I’ve gotten emails from many
readers asking about participation in the PAMM. I’ve told them to wait until around
the 4th of July, when I’d be making a decision, since if I’m moving what’s the point
of opening an account just to move it a short time later? OK, we’ve surveyed the
trading landscape worldwide, and taking everything into consideration, I’m happy
to announce the PAMM is staying with Turnkey [for now]. For those readers who
wish to participate, simply download the POA [Power of Attorney] from over in
“Download Links”, and either print it out and fill it in, or use Adobe Reader and
use Auto fill and send it back to Turnkey via email attachment. If you have any
questions, live chat at Turnkey can guide you through the process.
For gold, action boils down to FED policy RE the end of July interest rate meeting,
and whether the FED cuts rates like markets are demanding … Friday’s NFP huge
sigma beat to the upside, threw some heavy cold water on the 50 basis points rate
cut case, and I don’t think there’s any way in hell given the jobs numbers the FED
cuts rates that much … even the case for 25 basis points is starting to look “iffy”,
but a lot depends on Europe & China and how bad they’re doing as well … simply
put, that means plenty of uncertainty going forward this week … until tomorrow
mi amigos … Onward & Upward!!
Have a great rest of your 4th of July Holiday weekend everybody!
-vegas
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