The metals were held in place today, consolidating their recent gains at the top of the support and resistance channel.
I am sure that some day this protracted market manipulation and price rigging will collapse.
And I am also sure that some day we will be offered an elaborate story of how the Western central bankers used our gold to hold the line on its price for the sake of the system.
After all, this is their mandate, to insure the integrity of the currency by hiding the effects of their malfeasance, while shamelessly printing bushel loads of hot money and handing it to their Banking friends so they can use it to game the system.
If this goes badly, I would have no doubt that some unwitting 'public servants' are going to get thrown to the wolves and under the bus. Michael Hayden is getting slathered up with barbeque sauce, and no doubt will be offered as red meat, the torturer-in-chief, if it comes to it. Finger lickin' good.
The higher ups don't know anything about anything about nothing. They barely know what day it is, or what their favorite magazines and newspapers might be. Well, in a few cases we could believe it.
Like CEOs, and thoroughly modern managers, they are paid astronomical sums of money, and hold tremendous power. But when something goes wrong, they audaciously claim to have been walking around in an uninvolved, Alzheimer's like fog, oblivious to the workings of their own organizations, and unaware of their own decisions and directives.
And if they know the right people, and the locations of enough of the bodies, they can make that story stick.
Being a card carrying member of the privileged class means never having to say I'm sorry, much less 'not guilty.' Power is doing what you want when you want, and consequences are for everyone else.
Or perhaps these titans of modern industry and the halls of moneyed power are at heart just good natured bumblers. In a misguided but since belief destroy lives and crash economies, while pursuing insane ideological theories put forward by the vested interests, all the while stuffing their pockets, and crushing dissent with the political skills of a Machiavelli and the ruthlessness of Al Capone.
The banality of banking.
They are just hapless and good natured bumblers. And they love dogs and children. Remember when Uncle Al accidentally dropped the Thanksgiving turkey? Ho ho was that funny. Bad on him.
Let's see if gold can break out here without too many other gyrations or retests.
FOMC meeting next week. Russian Central Bank meets on Thursday.
Have a pleasant evening.
