Gold was taken down $19 from the close of Friday’s post-Comex Globex trading, when it closed at $1301, to $1281 40 minutes into Comex floor trading on Monday, June 20. The apparent catalyst was the polls which surfaced over the weekend that showed the public sentiment in England had shifted heavily in favor of remaining in the EU.
It’s all Kabuki theatre because, at the end of the day, if it looks like the elitist will not get the outcome they want in Thursday’s vote, they’ll rig the outcome to make sure they do get it. Nothing happens by accident and it’s no coincidence that the pro-euro MP was given a dirt nap last week and the polls all of sudden shifted to reflect No-Brexit outcome.
But gold began to rise steadily during the day, which means that there plenty of other catalysts besides the Brexit issue which drove the price of gold higher since May 22. At the same time the stock market sold off steadily from its high of the day 30 minutes into the NYSE open. This market action is bullish for gold and quite bearish for stocks.
The big question in everyone’s mind is, “where would the price of gold be without the heavy intervention exerted on the market by the Comex paper gold Ponzi scheme?
Future Money Trends invited me on their weekly show to discuss Brexit, NIRP, negative 10-year German bunds and the precious metals market: