My Dear Extended Family,
In one corner we have the Exchange stabilization fund and gold banks, their brokers who are clearly in a panic to hold gold below $1600. In the other corner are many central banks elsewhere that fear the viability of their paper currency inventories. In the middle stands the speculators which are basically gambleholics who will always be in the middle of the battle getting pummeled.
Last evening was the worst nightmare of the Exchange Stabilization Fund and gold banks as gold moved up $17 in Asia, therein properly defining the situation in paper currency everywhere.
The EU had gapped up and gold had worked its way up.
The situation is so fragile for Goldman, the primary broker for the Exchange Stabilization Fund selling paper.
Gold went from plus $17 to minus $10 as it caught the notice of latent central bank physical buyers. Gold then gained $13 so far from the low.
The war is between US manipulative interests and central banks. The fiat paper system is broken to the point that depositors will not get back their funds without delay and potential discounting.
The banking system, thanks to OTC derivatives, is broken. Austerity politicians are going to be swept out of Euroland and elsewhere.
Stay the course. Gold's targets are $1909 and $2111 on its progressive march.
The secret that the manipulators must keep quiet is that the physical market for gold is very thin on the sell side. Whatever is offered, be it 500 tons or more in manipulation from paper, has been and will continue to be taken.
As gold ticked up $17, the physical market was thin on offerings.
Bullion will top paper. The price target for gold is not below $1524 but rather over $2100.
Respectfully yours,
Jim
沒有留言:
發佈留言