WHAT HAPPENS NOW?

 

“When government turns it all to shit almost immediately … markets included!”

Well, somebody showed up in Asia to ramp gold higher, no doubt thinking of 

Sec. Treas. Mnuchin’s comments on markets and the “Plunge Protection 

Team” [PPT] this weekend, indicating “Everything Is F-ing Awesome Baby!” 

bullshit, that scared the living shit out of some traders and prompted a mini 

rush into gold … well, that fizzled, and now we find ourselves slightly higher in 

dull trading that is slowly stepping higher. I certainly don’t see any urgency on 

anybody’s part to be long up here … maybe that changes when New York gets 

going here in a little while, we’ll see.

And while gold is struggling to go higher, it sure as hell is struggling more to go 

lower … even the mildest of dips goes nowhere, and for now, the sell stops of 

those who are positioned long, seem … somewhat safe for today … but, what’s 

 “safe” in gold isn’t written in stone, but upon shifting sands. “I think what 

really matters today, in this shortened Christmas Eve session, is where the SP500 

goes, and if it gets “monkey hammered” again like Friday, will the PPT show up, 

or are Mnuchin’s words just bullshit jawboning? … we’ll see, cuz markets usually 

end up testing the will of government when they lay down a marker”.

So, the question going forward well into 2019, is how does gold respond to all 

the volatility and chaos created by world governments? … so far, rather muted 

if you ask me, and the “Comex Con Game” seems very much still in play … I 

don’t get the sense there are any bullion dealers changing their approach to 

gold, but in fact doubling down on selling any and all rallies with both hands 

… and in all of this, trading action is getting worse, not better, and what 

baffles me is that the very people who need a functioning, vibrant market are 

doing the very things that lead the market to die … go figure!

More action than I had foreseen early today, but given what’s happening 

elsewhere, it’s not a total surprise. Stock indices melting down, and of course 

what the government Twits & Apparatchiks don’t get, is the more they go on 

shitboxes like CNBC and say “Everything Is F-ing Awesome Baby!”, the more 

stocks go down … just STFU already.

And after stocks meltdown, it appears the PPT showed up, and that has put 

the proverbial nail in the coffin of gold rallying further today, cuz now it’s 

simply a choppy mess … “as I’ve said before, gold has morphed into a market 

that does not “trade” anymore … it simply lurches to a spot and then dies, before 

lurching to another spot and repeating the process … corrections should be 

traded, but too often they are the end of the move, leaving you with nothing but 

heartburn … and the below historical norms for volume, liquidity, and range 

are sadly lacking in substance, which makes trading even worse … you can say 

whatever you want, but when other markets are flying and yours sits and doesn’t 

do Mr. Jack Squat, in the scheme of things it doesn’t bode well going forward, 

and in fact defines a classic “death spiral” … just ask silver, and that market can 

tell you all about it”.

And, to bring this point home, look at today’s action … a small rally while the 

SP500 is getting “monkey hammered”, but when the PPT shows up, that’s it 

… there’s nothing left, thanks for playing, see ya later … “OK, where’s the 

trade? … and that’s my point, there isn’t one, until the next lurch to somewhere 

that comes out of nowhere”.

Quite frankly, I am loathe to trade Holiday shortened markets … this market 

will be here on Wednesday, so why get stuck in mud? … “sure, it’s easy looking 

back in hindsight, but only the Mrs. & the dog do that … get involved in some 

kind of bullshit predicated on some other market correlating gold’s moves [read 

SP500], and your asking for trouble in a major way before the Christmas Holiday 

starts. So, it’ll be here day after tomorrow, where I’m still looking for some kind 

of break that extends the range lower in order to buy … so far, over the last 

couple of weeks, we really haven’t seen that at all”.

For all of my readers, have a wonderful and joyous Christmas Holiday, and 

I’ll be back on Wednesday, ready to tackle the gold market once again … until 

then mi amigos … Onward & Upward!!

Have a great Christmas Holiday everybody!!

-vegas

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