Gold Did What?
Can there ever be a trading day without issues?
First, I have the privilege of the dealer community trying to hold me up. No, they didn’t actually have a gun in my face, although it felt like it, but quoting me $1 spreads for trading gold all night into the U.S. session had me seeing red.
The problem finally was resolved without violence, but who knows, the day is young.
Meanwhile….
Oh yea, is there any doubt Europe is totally broke? That $20 break in gold, at the European close, was the result of Eurozone banks selling gold to meet margin calls and raise cash. Question is, is it their gold to sell or is it borrowed?
Of course, when it was over, gold went straight up to hit a new high by a few pennies and take out the buy stops from all those that piled into the selling by piggybacking the banks. You don’t get many V-shaped bottoms in gold off the 5M charts, but today was the exception.
Again, I’m sure a lot of traders got hurt by this action; just what the cartel wants and encourages. Gold goes nowhere and everywhere within 35 – 45 minutes, and when the dust settles, everybody looks around and says, “Wa happened?”
And, according to plan, if you got caught in this mess you got nowhere to go now as the market, after hitting a new high, goes to sleep again right on cue into the close. 3…2…1… zzzzzzzzzzzzzzzz…. and drifts lower.
Thank you Central Planners; I’m sure Stalin would be proud.
Meanwhile….
Chalky Soetero Pimps Oil
And just when you think nothing can get more bizarre on the news front, here comes Chalky announcing he wants $50 million to police the oil market; you know because evil speculators always are responsible for higher prices.
It has nothing to do with your screwed up policies or anything like that.
Here’s an idea Chalky; put your worthless secret service detail on the job. Now that they are back from rigorous government protection duties in Cartagena, Colombia and have some free time, they can put their many talents to work and find out just how many evil speculators are responsible for high gas prices.
However, hookers here in Amerika might be a little more than the $47 variety they employed [and of course didn’t pay] down in Cartagena. So, you guys better hurry up because that $50 mill won’t last long here, and we really need to get to the bottom of this. How stupid is the Amerikan public?
I need some quiet time.
Have a good day everyone.
-vegas
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