Set my net and waited for a bite. Took a Sell position for a few days this week, booked in a tidy profit and am going to wait for another sell signal.
Comments
MRS_Watanabe
⋅
Charts on Gold and Silver are painted, by the big players, that was options expiry contract roll over, same as usual smack down. Gold and Silver rally as soon as most the call options with the highest OI, written by the bullion banks have expired well out of the money. . . buy real physical bullion and store it outside the system they cannot keep up this for much longer. Buying real physical means the bullion banks have to go out and find 100 ounces for every ounce you take out the system. The LBMA and COMEX are leveraged aprox 100 to 1. in other words in their system there are 100 claims on each and every ounce.
Sitrade
⋅
Perhaps you could go into some more detail?
MRS_Watanabe
⋅
That was a classic options expiry, gold and silver repeat this pattern of behavior. More details eg, the am sell offs, the 1% 2% cap on rallies etc, can be read at Gata.org they keep a record of all the manipulation played by the CBs, bullion banks and HFT firms. These 3 big players move price of gold on COMEX and that moves the spot price. Futures markets are not meant to be used in this way to move the price of the underlying commodity, which happens to be money, gold is the anti dollar. Hence manipulation is allowed to the downside, if gold were trading at $2,000 or $5,000 oz people would realize what was happenning to their US$ purchasing power and that would be disruptive, plunge protection team will stop it and are legally allowed to do so. However when there is no gold to deliver left at options or futures expiery the game is up for them. As mentioned they are over leveraged 100 to 1. This was made public in the CFTC investigation into silver price manipulation.
Sitrade
⋅
Thanks for your information, certainly beyond my knowledge.