Just took a quick peek above the big level in Asian trading. Gold has been pretty crazy recently. Monday it hit $399 then fell $13 in one session down to $386. Now one day later it is at $400. Now I'm a bit of a gold bull but even I was surprised by that. It feels like a lot of systems traders with stops way too close are trying to get cute with this one. Each time it breaks to new highs they get long and send it up, then it breaks down, takes out their stops, and just after they sell it makes a low and rallies back. Now they've just gotten themselves out, what are they going to do if it rallies above $400? Just reinforces that Livermore quote about the big bull market money being in sitting, not trading.
I'm sure that many gold producers out there are doing a TON OF FORWARD FUTURES SELLING at this level. Should get interesting!
and the Federal Reserve is run by aliens who inhabit human bodies. it's idiotic remarks like this that ruin a man's credibility.
Monday's action looks like a classic shakeout. If it was a shakeout, who are the shakers-out? Wouldn't you think the gold market too big to be manipulated? If it was a shakeout, and somebody is actually running the market, we should see a rapid, high-volume ascent from here. What do you think - is the gold market manipulated or is it clean?