Gold Plunges Back Below $1300 As “Someone” Dumps $2.3 Billion In Futures
I think the big banks are trying to make some money on their short positions in gold /silver before they reverse and go long. The big money has probably dumped their stocks to retail investors (I am talking about, DOW, S&P, etc), leaving them to fight the algo wolves. The Dollar rally is a sucker’s rally, can’t let the Dollar fall when Yellen is speaking. But what the hell do I know. I am as confused are you are, irishtony.
You’re not the LEAST bit “confused”, Chris, in fact you have it about right, all of it. I find it very interesting that “they” had to dump $2.3 billion today versus just $1.3 billion yesterday to get today’s “spike”, which suggests to me the “Backstop Boyz” may be laying in wait up here in the $1290’s. I’ll gladly be wrong about my $1224 call, but the “Backstop Boyz” need to hold it here, otherwise down we go to my long-standing target.
ManAboutDallas: 1224 is not coming. 1240.2 was a swing low on 6/3/17. I believe gold is following the following Elliot Wave pattern this year: Major Wave 5, Minor Wave 1 began 12/31/13 at 1181.40. Count 1 was from that low to 1392.60 on 3/17/14. Count 2 was a 72.2% correction of that move, taking gold to 1240.20 on 6/3/14. Count 3 began on that date. I believe this is a 5 wave subcount within Count 3, similar to the 5 subcounts in Count 1. Subcount 1 took gold to 1285.1. Subcount 2 took gold to 1258.0. Subcount 3 took gold to the recent 1346.8 high. This is now corrective subcount 4. My guess is Doc will be correct and gold will bottom near 1280. Gold gained $211.20 in Count 1. Count 3 must at least equal Count 1 in Elliot Wave theory (and gold has been following Elliot Wave theory in many respects). So gold once it bottoms must go to at least 1240.20 + 211.20 = 1451.20 to finish subcount 5 to finish Count 3. Count 3 could go as high as 138.2% of $211.20 or 291.90 up from 1240.20 or 1532.0, right at the 2012 support levels that now will become resistance (at least for a short while). I believe Count 3 will finish in September of this year. This is all JMHO.
Better pray to your Deity Of Choice that your “subcount 4” doesn’t go below $1285.10 or your whole count is invalid. ( wave 4’s can’t overlap wave 1’s ) Also, if your count is valid, that’s the WEIRDEST wave 3 I’ve ever seen in my entire illustrious career. But your count IS valid, so far.
Woops meant 6/13/14 in the first sentence above
Good comment MAD! I think it is a good sign as well that it is taking larger “dumps” of gold futures to drop the price less and less. Amazing that 3.6 Billion has been dumped in the last 2 days and gold is hanging in there just below $1,300.
MAD: You are correct. Wave 4’s can’t overlap Wave 1’s but they do. There’s nothing pristine about Elliot Wave theory. I see rule breaking constantly and it’s subject to many interpretations. But as a general theory, it is fairly valid in the way gold trades. I have the following subcounts for Count 1 on the move from 1181.4 to 1392.6: Subcount 1: 1181.4 to 1247.7; Subcount 2: 1247.7 to 1218.6; Subcount 3: 1218.6 to 1279.8; Subcount 4: 1279.8 to 1237.5; Subcount 5: 1237.5 to 1392.6. There are several breaking of Elliot Wave rules in this count. Subcount 4 overlapped Subcount 1’s wave. Subcount 3’s length was 61.2, less than Subcount 1’s 66.3 length. Subcount 5’s length was 155.1, 2.5 times Subcount 1’s length when they are supposed to be about equal. I think after this correction is over for Subcount 4 in Count 3, there will be another spike in gold from about 1280 to past 1451, a length of 171 or greater. The rules are often broken in Elliot Wave theory. However, I see a rhyme in the pattern of Counts 1 and 3. So based on the way you think Count 1 is totally invalid and count 3 is also. Nevertheless, gold is probably going dramatically up from here no matter what the counts are. 🙂
BRIC……………are setting up their own “mini IMF”……and funding it with $100 BILLION……..see zerohedge for details……..And India is going to have the first President, but, ……then …why are they sending their gold to London?
May be bric are not into gold .. yet into new fiat regime?
IRISH…………..YOU KNOW……………it is the same old game………..the RATS are running all over the deck. The ship is going down,,,and they want to take everyone with them…………….
NO…IRISH YOU ARE NOT CONFUSED…
Only in a nice way Tony. Remember that’s what ‘the author of confusion’ (to give Old Nick yet another of his titles) is all about. Truth ALWAYS outs in the end!
I think Chris is right. The real question is at what point are the big banks going to”give up” these large dumps and reverse to go long?
I think you’re going to wake up one day and see gold up $200-$300. That is when you know the big banks have reversed and gone long. I would also suggest to bar your front door when that happens, because the storm clouds will be fast approaching.
That will be the day. Hopefully not too long from now…
Cory et al.
Does anyone beside myself believe that AU and AG pricing will discontinue to move in lock step eventually because of increasing worldwide demand for the latter?
Looking for Heavy Hitter to give us the bing-bang-boom rah-rah speach -to the moon.
Down $50 in two days and the beat goes on.
Matt, not only are you incorrect and your judgment misplaced by
way of your false accusations but your ignorance really prevails.
In Dec. 2013 gold bottomed. I invested large sums of capitol and
those positions are all in significant profits today.
Gold traded as high just under 1400 three months later. This is a
real market and corrections play a monumental role in all asset classes
especially gold. Apparently, real market behavior is not something you can
embrace. Volatility is weathered by smart money. Dumb money thinks it can
out smart Mr. Market trading in and out. 100 to 200 points a day are coming
up and down in gold. Believe what you want and act accordingly but don’t tell
me I’m riding your donkey in here, because I’m not. $$$$$$$$$$$$$$$$$$$$$$
Correct, HH. Dumb money can’t seem to grasp that price pullbacks are a fact of life even in an uptrend.
Matthew, also want to thank you for the updates and analysis being posted lately.
Its nice to hear your opinions. Much appreciated.
Best always !!!! ; )
Everyone here knows gold is going higher…………..that is just the way it is……..Even GOLDMAN knows it going higher………They just drop a billion to get a trillion……..
anybody check out Goldman’s derivative balance against assets………..Look out below, these rats are in big trouble………..
Zerohedge has a nice article concerning Goldman’s trading and investing habits ..
Everyone who has an idea of what in going on knows that gold is going higher. The only people who are not aware of that are your couch potatoes, because instead of cracking a book open to try to understand what was going on, they were to busy licking their Cheetos fingers and trying to find the TV Guide to see what time Dancing with the Stars was on.
Chris,
That in NOW typical of the average American….tuned into crap…tuned OUT to reality..:)
Marc, a lot of them also believe that the government is going to be there to bail them out. I don’t think it’s going to happen this time. Just like the Great Depression, you’re going to be own your own. It’s is important to have gold and silver, but it’s imperative to have a skill that will allow you to make money. A lot of Americans lack skills. Pushing paper from one end to the table to other is not a skill, and will not be in demand after the reset.
Chris,
Agreed!
LOL nice Chris; can’t miss Pawn Stars, Hard Core Pawn, Lizard Lick Towing, Keeping Up With the Kardashians, America’s Got Talent, etc either. 🙂
All those reality stars got lucky. They came on the scene at a time when the dumbing down of Americans was in full swing. 50 years ago they would have been cleaning dishes, the only thing they’re capable of doing.
I thought every man except gays really want to have kim kardashian? Cat likes fish… except gays cat … unless by ethic, moral , legal and religious binding… huh kim … if only u are not a bitch… then many here would not recognise u
One of my favorites was “Dancing your ass off” until cable foolishly discontinued it.
Just checked the five year chart and the price is the same as it was in 2010.
A guy has had to sell to make money in gold ,otherwise it has been half a decade of losses/spinning wheels to date.
In a few weeks I will buy a few more oz and put them away for insurance.
At least Frank and Heavy aren’t pumping on every second post today.
Matt……………FIVE YR CHART SAYS $929
but, I do agree with you ………..a lot of spinning wheels…..
I disagree Matt. Stop the personal attacks please because
neither myself or Franky have posted anything here today.
Its unsatisfactory with your remarks out of the blue condemning
both of us.
I have not posted and neither has Franky. If so, then feel free to make
your remarks respectful.
STOP….the attacks Matt. Based on the above its irritating and disrespectful.
THANK YOU !!!!
Me say shorting 1.3b and then 2.3b are not to make money neither to pressure down the price… yet to cover their shorting around 1241 to 1275 before… that need to be saved… even by using 3.6b or 5b or 10b … if not … they’ll be making huge huge losses… this might be their saving plan
If GOLDMAN is the character who shorted…………they have been covering their shorts already by trading. Each time, either way up or down, they are out in front of the pack.
They have the minutes to the Fed. meetings, and already know what the market is going to do………Funny, yesterday, one day before the meeting and gold gets smashed,LIKE THAT WAS one gigantic call, or maybe , if you already have the message, that is nothing less than FRONTRUNNING…………
THIS game has been going on since 08…….there is no market….and things are going to end very bad……..for these cheats………….
I don’t think so, J. These people never have losses themselves. Look at Goldman Sachs. Look at JP Morgan. Has anyone at the top senior staff of these companies gone to jail yet, their personal (and family) finances ruined? No. They live their lives making sure everybody else pays, no matter what.
It’s like asking if the late and former Senator Ted Kennedy ever paid a single day in jail for Chappaquiddick. No, he got a king’s funeral 40 years later, and lived like a king his entire life. It will be the same for The Powers That Be in this world.
They need to keep the price of gold and silver down because a run away gold and silver price would mean inflation and the central banks would be forced to raise interest rates? So the central banks are desperate to keep gold and silver prices down so that they can maintain zero interest rates?
Is that it?
Thats what you’re supposed to think…or over think….This is just a simple dump and grab.
How long will it take?
http://news.sky.com/story/1301879/banks-to-overhaul-gold-fix-amid-rigging-fears
And the beats goes on………….Hell AL give us a break..haha…………
Doe’s anyone out there have a clue to what’s going on ?…..It seems everything is down , except the dollar…..I’m confused…..then again that’s normal for me.