31 May 2013

Gold Daily and Silver Weekly Charts - Same Old - Non-Farm Payrolls Next Week

Intraday commentary here.

Gold and silver were hit by the usual contrived selling today as I suggested they might be, since this is what they do on Fridays.

The total open interest for gold on the Comex is fallen shockingly low.  I am wondering if everyone but the rats are leaving that ship.

And it was the end of month to boot, so the funds and Banks needed to polish up the mark to market on those big short positions.

There is far too much concentration of market power in too few hands.  The regulators are somewhat deficient,  the privileged go along to get along, and the sworn representatives of the public interest are busy gettin' paid.  It's the times.  Hard times for most.

So what next. Since next week is non-farm payrolls, we should hear a bunch of nonsense about the Fed 'tapering' and concerns that the economic news will be 'too good.'

I will like to see what the wiseguys do with stocks on rally Tuesday.

I do not think the metals gimmickry will end until these jokers hit the wall. And that means a serious scandal and/or a failure to deliver in gold and silver.  

They really don't know what else to do, and they are consoling themselves with looting the markets overall in the meanwhile.   Summer homes in the Hamptons are de rigeur, and pricey.

So let's see what happens, and how this plays out.  I suspect 'not well' is in the forecasting range.

Have a pleasant weekend.