THE DEATH OF A MARKET

                                         If Gold Were A Person

No matter how hard you don’t want to see it, the reality is that gold trading has devolved into a total clusterfark. Oh sure, you can wade into the shark pool and give it a go; the dealers will welcome you with open arms. The fact is though, the Las Vegas Bellagio will give you a better value for your money than anything the dealer [or futures] community can possibly offer you.

It isn’t that you can’t make money; the problem is that you can’t define risk.

What sense does it make to expect a $3 loss on a sell stop order and get filled anywhere from $5 - $20 per Oz. lower [or worse]?

There is no way I’m going to contribute to the college education of a bunch of whiny dealer brats. Trading has gotten to the point that Asia, along with most of the European Session, is a shadow of its former self; and really, who can blame them. If you are an Asian or European account, why do anything until the manipulators show up @ 8 AM Eastern Time to slam the NY open or jack it $8 higher?

Risk? You simply can’t define it to any reasonable level that makes any sense. And believe me, $20 + per ounce risk on a trade is just stupid. Thanks, I’ll keep my money.

I’m not saying I have absolutely given up on gold, just that right now you can’t trade it.  The last couple of weeks have proven that. The long term algorithm is not designed for 1 bar wonders that are manipulated by the BIS & The Fed. I’ll keep my eye on it, but from week to week, I’m not going to just sit here and watch profitable currency opportunities go by the wayside while my attention is riveted on the gold market.

I’ll have more on the FX pair that has my attention probably tomorrow or Friday. Until then everyone, leave gold alone.

Have a great day everyone.

-vegas

GIVE ME SOME BORING

                                 Gold Makes A Statement Today

Ranges in pretty much everything you could possibly trade today were muted and the massive $8 highlight reel in gold can only be viewed in the context of “collective fear of the 800 lb. gorilla”. Who wants to get caught on a Friday with the manipulators manned and ready? Apparently nobody.

Any other rational explanation of gold trading today would ultimately lead to insanity, and since it’s Friday, I really don’t want to go there. Now, if it was a Monday …….. ahhhh, never mind.

In the event you actually have a life, and like me desire to giggle a little before you completely forget gold even exists over the weekend, I bring some Friday chuckles before it’s time to say “adios”.

Hopefully one of these got you to crack a smile and remind you that there is more to life than trading stupid gold on a stupid Friday with a stupid range.

“That was a stupid rant.”

“You're Welcome.”

Have a good weekend everyone.

-vegas

P.S.

Updated daily cycle charts over on the PAMM page at the end of the day. Just follow the link:

http://vegaspamm.blogspot.com

REMOVING THE CURTAIN FROM OZ

                  Keep Your Daughter Away From The Metals Dealer

“We’re off to see the Wizard, the wonderful Wizard of Oz, because because because because [pause and take a deeeeeep breath] for all the wonderful things he does, la la de de la la ……”

The only thing that would make today perfect poetic justice would be if George Orwell wrote “The Wizard of Oz”. While most people think the movie was just a kiddy flick starring Judy Garland, actually it was meant to be a scathing indictment of The Fed, FDR, and the confiscation of gold by Big Brother in the 1930”s. [Go ahead, think about that for a minute.]

So today, while Europe’s elites rejoice because they are spinning a successful Spanish 10 year note auction, the European bond market has ripped the curtain off its hinges and told Europe what they really think.

Not to be outdone and wanting very much to be a part of the action, the Central Bank Gold Cartel [with the altruistic help of the front-running JPM prop desk to be sure] were out in force early today selling the gold market down into the low 1630”s. When they backed off, all it took was 55 minutes for the real market to send gold prices $17 higher into a new high.

While I have a certain amount of “Schadenfruede” in seeing them get their butts handed to them, the thing to remember is that they don’t care about profits and/or losses. They aren’t traders, they are manipulators. If they can get you to lose money, or stop you out of a position, they win.

But that doesn’t mean they go away; it’s too late for that and they have gone “all in”. If you buy the upside breakouts, they are going to win.

When you pull the curtain back and see where market reality is, you can take advantage of their arrogance, their methods, and ultimately their sheer stupidity of the history of gold.

Meanwhile, in Socialist Amerika…….

                             Patronizing The Kool-Aid Drinkers

In the last 48 hours Chalky’s minions have made much ado about Mitt Romney’s dog Seamus, who he allowed to ride on the top of the family car in a kennel cage. Chalky’s operatives have been trying [unsuccessfully] to paint Mitt as a dog abuser.

But finding out that Chalky actually ate dog as a kid by his own admission has kind of turned things around.

In the spirit of “fairness”, I present the following:

                                          Please Just Pet Me

Have a good day everyone.

-vegas