“Can I get a price check in aisle 3 please!?”
What do Hungary, Poland, China, & Russia have in common? How about
they’ve all been buying gold lately in massive quantities. Directly below, some
recent links from ZH, that at the very least should throw light on what’s
coming.
importance-diversification
announces-10-fold-jump-gold-reserves
Now, realize these articles come from the “gold community”, so they are a little
“slanted” in favor of gold, but the information inside of them isn’t fairy tale
bullshit, but the truth … “fact is, you can either open your fucking eyes and see
it, or stick your head in the sand … choice is up to you … the U.S. is nothing
more than Venezuela with credit … the way this country is headed financially is
a fucking joke … as I pointed out in a recent blog post, interest on the national
debt of the U.S. is EQUAL to the entire U.S. government budget of 1981 … from
37 years ago, interest expense is approximately 14X higher than then … for you
Obama voters, that would be a rise of 1,400% in just 37 years”!
The stark fact is , though, gold is impossible to be used in world commerce,
simply cuz there isn’t nearly enough of it to go around … there always has to
be a mechanism to convert fiat paper to gold and vice versa … this is where
“trading” enters the picture, and why we have markets. Granted, especially
over the last 6 years, the gold price has been artificially suppressed by central
banks and the infamous “Rally Protection Team”, but with the Socialists out of
power since Trump’s election, and the replacement of Grandma Yellen at the
FED, they’ve all but disappeared from gold manipulation lower … “perhaps,
with the rise of China & other central banks heavy purchases, they’ve woken up
to the idea that they’re throwing money away by manipulating price lower … all
that is gonna happen is that price goes down for a minute or two, and then the
buying comes in … the proverbial “blue light special”, brought to you by the
idiots at the FED”.
Turning to today’s gold market … “well, looks like there is enough Valium for
the folks in the Asian session … about the quietest I’ve seen in recent weeks
… either they’ve taken my advice from yesterday, OR there waiting for the checks
to clear before starting again in earnest … I’m goin’ with the latter thesis”!
New York is opening “eerily” quiet … not just gold, but everything … I would
note, two [2] massive doses of the “Plunge Protection Team” [PPT] in SP500
futures, tow [2] of the last five [5] days, has produced little … very little
… make that a call from the law firm “Zip, Zero, Zilch, & Nada”, in the way of
stemming the tide of lower stock prices … “I sense a change in the force”
… maybe it waits for the midterms before SHTF, which is likely since the PPT
needs to protect the 0.001% at all costs, right along with insolvent pension
plans that are dotted all across the map … but after, even if Repubs win, the
stock market has got some big problems … but if the tinfoil socialist crowd
wins and you’re long stocks? … “well, you got a big problem Skippy”!
Seriously, a $4 range at the open and we’re sitting in the middle? … good
grief, WTF is this? “So much for the start of full moons, animal spirits,
& lunatic gold mania … this is the last time I call Madam Cleo on her 900
number hotline for trading advice”! [“Hmmm, why is her number for refunds
disconnected”?]
So far, chalk up another bullshit day, with another “Flying Wedge of Death”
[FWD], mystery ticks and spikes [wasn’t that high of the day a thing of
beauty from the scumbag LP’s?], stocks all over the place, and gold can hardly
move … oh, and throw in almost double spreads from the scumbag LP’s at
Turnkey, who for some reason think today is “help some bullion dealers in
need” day … can I just get it off my chest? … “fuck that, OK”? … good, I feel
better now. Of course, the feedback from Turnkey HQ, where at least the MT4
gerbils are happy running the MT4 platform, is “we don’t control spreads”
… “OK, here’s an idea … how ‘bout getting of your asses and picking up the
fucking phone and ripping somebody at the LP a new donkey for nothing more
than greed … do you see intraday volatility off the charts in gold , or large
ranges? … hell no, nobody does … so why the almost doubling of the gold
spread, unless you think nobody cares, in which case you’re simply fucking
morons? … every day it’s something I got to fight with these assclowns, and
today it’s the spread”. FFS!
Noon here in New York, and unless stocks go spastic “Thelma & Louise”, I
have a really hard time seeing gold do anything on the upside over the next
couple of days … the entire last week, the highs for the day have been faded
quite successfully, and today’s bullshit “mystery tick” high, that saw
somebody get hosed “bigly & yuge”, is another indication with price below
1230, that we’re going to see slightly lower price before 1240 get taken out on
the upside … in order for that to happen, stocks need to crap all over
themselves into the close, NOT early in the day. Otherwise, the bullion dealers
look to be in control, and the market really needs to shake the “stop tree” to
the downside and flush position holders out … and not by $1 or $2, that’s not
gonna do it … we need to see a “sell-stop-arama” that takes price lower by
$7 - $12 per Oz. in price in less than 4 minutes … from there, it can climb
anew.
Quite frankly, I don’t even know how to explain this lack of trading action in
gold, while the stock indices literally go insane … we should be seeing
$15 - $20 ranges with the commensurate action in other markets … instead,
we get drip, drip, and more drip, followed by a spike from hell. Today a classic
case of the FWD, inside a tight range … how many days in a row has NY
trading range’s been below it’s 20 Day Range MA? … try 9. This is one of the
worst days I’ve ever seen in gold, relative to what’s happening in the stock
indices … they are flying, gold is dead, and we seem not to be able to respond
to anything happening in other markets … in the bigger picture, we’ve
basically sat here, around 1230, for 13 days running, with no moves above 1231
being able to be sustained for longer than some minutes, and no moves below
1225 with the same criteria … it’s one gigantic clusterfark at the moment, and
it’s feeling “heavy” to me right now.
No trades in the PAMM or C2 signals today.
We got no signals to buy today, except late [one], and I’m not taking on a new
position after 1:30 PM EST., in a tight range day, expecting the SP500 to be
down 100 handles to bail me out with a rally … that’s the ultimate definition
of “stupid shit”, especially late in the day … you take a look at the HR1 in
New York, and it’s been nothing but a bucket of shit since October 11th, and
what surprises me the most, is that given the volatility in the stock indices, EM
currencies, and the squeeze lower in 10 YR Yields on Treasuries, gold sits and
we literally get nothing but Mr. Jack Squat … WTF is this?
Very frustrating sitting here, but when gold doesn’t want to move, it doesn’t
move … and trust me when I say this, “gold rallying or breaking ± $2.00 isn’t a
“break” and isn’t some kind of magical “rally” … it’s noise, pure and simple”!
And filing this under, “you can’t make this shit up if you tried”, today at
7AM EST, when I started, gold opened at 1230.79 bid … it’s 3 PM EST., gold
opens at 1230.37 bid … a whopping difference of $0.42 per OZ. … simply put,
eight [8] hours of nothing but shit … a little up/down, and a whole lotta grief
for traders. “Oh wait, the SP500 has just dropped another 20 handles to a new
low for the day, and gold has rallied … 80 cents? … I’m simply shaking my head
in disbelief … the “Great Bullion Wall of Selling” still standing”!
Onto tomorrow, where I’m hoping the “Chuckleheads” in Asia, along with
Mrs. Wantanabe & Gal Pals don’t do some more “stupid shit” overnight, and I
come in around 5 AM EST and see gold at either 1240 or 1220 … I’m not
optimistic, but maybe the checks haven’t cleared yet and we get lucky! … I
need some vitamin C therapy … I’m outta here … until tomorrow mi amigos
… Onward & Upward!!
PAMM Spreadsheet directly below.
click to enlarge
Have a great day everybody!!
-vegas
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