All a manipulated game man,,,,,,,,,They just play the chit out of gold. Let it rise, go long, stop the rise go short, let it drop, cover shorts, go long, rinse repeat. PERIOD LOL
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
With gold and silver plunging, along with stock markets and crude oil, today King World News interviewed legendary Jim Sinclair’s chartist Dan Norcini. Norcini told KWN what we are seeing today in the gold and silver markets is not what most people think: “People will tend to blame this takedown in gold and silver on the bullion banks. Interestingly, I don’t think that’s the case this time, Eric. I think what happened last Wednesday was bullion bank selling related to central bank intervention, when we had that big takedown, which was timed with Bernanke’s Congressional testimony.”
Dan Norcini continues:
“That did get the ball rolling, but once these guys create enough downside momentum and downside support levels are breached, the bullion banks don’t have to do any selling. At that point, the hedge funds and algorithms start to do the selling for them.
On a day like this, I expect the bullion banks to be covering shorts. They are buying back some of their shorts they put on at higher levels. We’ve had a decade now to see their modus operandi and this has been the pattern. We’ve seen downdrafts in gold and silver accompanied by sharp reductions in open interest and short covering from commercials.
If past patterns hold true, and I’m sure it will, we will see sharp hedge fund liquidations on the long side being met by bullion banks buying or short covering. Remember, the bullion banks were big sellers up at the highs....
Continue reading the Dan Norcini interview below...
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/6_Norcini_-_Gold_%26_Silver_Smashed_as_Bullion_Banks_Cover_Shorts.html
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
| 