I’m not sure of the significance of 20 minutes past the hour, and I’m sure it has some sympbolic meaning to the gold manipulation cabal, but for the last week the price of gold has been getting slammed with an avalanche of Comex confetti at regular intervals at 20 minutes past the hour.
THAT is not the graph of a market that is allowed to trade freely. But notice how gold bounces back sharply from every take-down attempt. This is especially significant given that this is one of the slowest seasonal periods of the year for the buyers of physical gold and silver.
This morning (Tuesday morning) was particularly blatant. Gold had traded steadily higher overnight from $1344 (December futures basis) to $1364 just after the Comex floor opened for business (8:20 a.m. EST/6:20 a.m. MST).
Whenever the elitists start to lose control of gold, they roll out one of their Fed stool pigeons to threaten the world with a 25 basis point (one quarter of one percent) rate hike at the next FOMC meeting (September). Today’s park bench popcorn scavenger was NY Fed President, Bill Dudley, who stated on Fox Business that a rate hike in September is “possible.” I guess that means September’s meeting is a “live meeting” – a phrase Dudley and SF Fed Prez, John Williams, propagated the mainstream media propaganda meat grinder with in May – LINK .
But gold shrugged off Dudley’s empty, Straw-man threats and closed today respectably up about $5 from the close of yesterday’s afternoon “access market” trading session. I still believe that gold could see $1500 by Halloween despite the Comex B-52 paper bombs being dropped religiously on the market. And we are just one economic, political or societal catastrophe from gold making a rapid run toward $2,000.
Buy every manipulated sell-off in gold and silver. It’s the true “TINA” idea.
A lot of readers have asked me if it’s too late to buy mining stocks at this point. I refer them to a long-term graph of GDXJ so they can see where the junior miners have been relative to the level at which they bottomed. It’s a prototypical chart of a market that is in the early stages of a massive move higher. The key is to identify the exploration companies that have a high probability of hitting the proverbial pot of gold. The last 5-years caused a lot of damage to the junior sector, but there’s a lot of companies with “a pulse” that have been revived, albeit significantly undervalued from a risk/return standpoint.
My Mining Stock Journal is focused on finding companies that are currently overlooked by the mainstream mining stock analysts and newsletters. As an example, I presented a stock idea in mid-April that is up over 280%. It recently doubled in price shortly after a major newsletter service poo-poo’d the idea. I draw on several seasoned veteran contacts plus 15 years of experience researching and investing in this sector. You can access the MSJ – a bi-weekly report – here: Mining Stock Journal.
I just received your August 4 Stock Journal and before getting to your suggestion and half way through your guidelines for picking stocks I wanted to write this first. I have attempted to find those obscure companies and must say it is most difficult. Upon reflection I should have just waited on your bi-weekly report because your picks have been awesome. – “Jim”
Dave, it is option expiration week !
Great time to look for buying opportunities
in physical if anyone is so inclined.
Interesting. On the technical front I have the daily gold chart in a potential triangle pattern that seems to be holding. I’m in agreement – i think one fallout at 2000 will fall