Blatent Gold Manipulation
One of the reasons I'm so long term bullish on the price of Gold and precious metals is that the manipulation of prices is just so blatantly obvious. This type of market control is illegal and clearly immoral, but the Powers that Be just look the other way because it serves the purpose of propping up the dollar and thus the whole American way of life. Don't get me wrong, I'm not looking forward to living in a world where gold is $10,000+ an ounce because that will mean tough times for everyone, but FFS this is just ridiculous.
Earlier this morning before the "market" /sarc was even fully open, someone decided it was a good time to sell almost 20,000 (100 ounces of Gold each) contracts in 3 minutes into an ill-liquid market. $2,000,000,000+ (over 2 Billion Dollars) worth of "paper" gold in 3 minutes. Anyone looking to get the best price and maximize their profit would spread that out over a much longer period of time. Its such a joke these events are never investigated.
Its pathetic that the CFTC allows this to continue. Nothing to see here, just move along. It can't continue forever but it has continued on for longer than I'd image. The sheep are just to happy being sheered I guess.
The funny part is, it took $2,000,000,000 dollars and the price still only moved $14 and has already gained $4 back. They will lose control of this market eventually. Rhodium still seems unstoppable.
The manipulation with metals and the usdjpy and certain assets is beyond obvious. Everyone has to be out before the dollar crumbles.
90% chance the dollar crashes in under 10 years. It’s reserve status is gone.
It is pretty obvious and something I have seen with regularity over the last couple years I've been watching. The fact it was driven through a key level at $1200 is par for course.
It’s not going to end well for most. This is going to be worse then the Great Depression.
I tend to agree with you
End well for most, it will be the end of the dollar...
Mmmm, Rhodium
So tasty
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On the bright side, if you're buying it's a great time to be adding more ounces at discount prices.
Perhaps someone just got a huge margin call, also not a good sign or perhaps someone is really really short and needed to drive it down in hopes of getting the chance to cover. Silver responded very well!
It was Turkey liquidating some of their assets to try keep the lira stable. Not manipulation.
If we look at the whole 100% gold market... then there is 95 % paper gold and the rest 5 % is real gold... for me it looks ... it has been done deliberately, so that the real price would not be seen... I have seen some mathematicians who have calculated the whole market, and say that the price what we should now have... must be something 30.. or 60 000.. one ounce... but if this come out.. then USD is dead.