I’m not sure of the significance of 20 minutes past the hour, and I’m sure it has some symbolic 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.
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 VanEck Vectors Junior Gold Miners (NYSE: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.