SUNDAY UPDATE: NEW DATA BEING ADDED TODAY!

 

“New data? … where? … really!?”   

I got some new data I’m adding to the 20 Day Range MA gold chart … it’s 

SPOT GOLD [XAU] TRADED in different currencies, and I start today with 

XAUGBP, which of course is spot gold priced in British Pounds.

Ok, so why XAUGBP? … well, for one thing Cable moves … it has the highest 

volatility of any of the U.S. Dollar pairs, and that has remained consistent over 

the years & decades … secondly, it is probably the least correlated with the 

U.S. dollar Index, meaning you will get consistently bigger ranges with 

XAUGBP then you will with XAUUSD … and from what I’ve seen lately, gold 

priced in anything is better than Dollars. Directly below, the SP500 for 

correlation, and the gold charts.

 

click on any chart to enlarge

 

Stock indices continue to get shellacked in terms of volatility … “the 0.01% 

don’t like volatile stocks, and so the FED and various other manipulators are 

keeping the lid on stock volatility, and the ranges prove it”.

The new green line is XAUGBP, and the key here is getting a tradeable 

instrument with a tight spread … “and yea, you sure as hell aren’t gonna get 

that from Turnkey, where they and there BFF’s the scumbag LP’s have jacked 

spreads higher about 100% in XAUUSD over the last 5 months, along with 

worse “slippage candy” than before … oh wait, you weren’t supposed to notice 

that … never mind”.

Quite frankly, I’m not at all happy with Turnkey … I’ve got my reasons, 

some obvious and some “inside baseball”, but the cold hard facts are, that 

they’ve gone from a leader of the pack to “also rans” pretty damn quick 

… where they used to be leaders in tight spreads, there are literally dozens 

who beat the pants off of them now … “if I didn’t know better, I’d think it was 

a classic case of “bait & switch” from the get go … get ‘em in the door with the 

best conditions, and then slowly hike the cost of everything … nah, that’s too 

cynical right”? … and especially in gold [XAUUSD], as well as other gold 

pairs like XAUGBP … “what does it say about you, when others can trade 

round turn XAUGBP CHEAPER THAN YOU CAN OFFER XAUUSD”? 

… well, it means you aren’t competitive anymore for starters.

The business of trading, has always been a case of brokerage houses 

[both U.S. & offshore] being good going bad, being bad going good, new 

firms coming in and others leaving, firms allowing US customers, firms 

dumping US customers, and on and on … there is no definitive “say so” to 

hang your hat on, when it comes to brokerage houses … they get bought and 

sold, new managers take over, and for some they just have a rotten business 

sense of how to run things … Turnkey used to offer the very best bid/offer 

tightest spreads in the world, and without comment from them cuz they 

won’t talk about it, they’ve turned into middle of the pack … there isn’t 

anything they are special in or about, as they’ve decided to hit the  

“greed button” and just take more without offering anything in return. 

And in case anybody is wondering, yes I’ve been on their ass these last 

months, and their responses to me have been less than satisfying … it’s the 

usual default mode of “duh, market conditions, duh”! bullshit you get when 

they either got no answers or simply don’t want you to know … neither is 

good.

Right now, I’m in the preliminary stages of finding the PAMM a new home 

… what we are getting from Turnkey, IMHO is a very bad deal, with them 

not willing to do Mr. Jack Squat when it comes to addressing my complaints 

and their scumbag LP abuses. There are several candidates that look 

promising, and I’m talking with management about those things that are of 

paramount importance to me … we’ll see where it goes, but what they all offer 

is gold trading in as many as 8 FX pairs, along with the same in silver, and 

trading in platinum & palladium … one of the offshore houses on Friday, had 

the bid/offer spread in XAUUSD @ 3 - 5 cents for a considerable time during 

the day, with XAUGBP @ 7 - 11 … so when I sit here and see Turnkey’s gold 

spread at 15 - 22 cents, and then ask them why their scumbag LP’s can’t be 

competitive, all I get is the standard bullshit response … and I haven’t even 

factored in the “slippage candy” into the equation that fattens their profit 

against us … “liquidity providers my ass”! So, don’t anybody out there think 

I’m just sitting here and taking these shit conditions, and not doing anything 

about it … I am doing something about it, and we’ll see where it goes in time.

One last thing of note in the gold chart above, is gold’s New York ranges are 

scraping the bottom of the barrel, last seen last Summer in the depths of late 

July and early August … it’s even worse when you consider that from the open 

of the NYSE for stocks [9:30 AM EST] until they close at 4 PM EST., gold is 

even sicker than the range indicates … once Europe closes, and the master 

manipulators Squid & JPM take over, metals are a joke … “this last Friday 

saw this time slot not even see $3 in range, and yet I’m supposed to believe that 

market conditions in gold are soooooo volatile, that I need higher bid/offer 

spreads around 20 cents, along with “slippage candy”? … am I hearing this 

right? … would you like to see my beachfront property in Kansas”?

Have a great rest of your weekend everybody!

-vegas

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