The Big Boys - not the floor trader gang - turned gold hard to the upside today at the exact price they had entered before. Their action was in the cash market which then squeezed the short-sided gold traders on the floor quite nicely. Payback is always enjoyable.
Now look for that low of $460 to be a very important number. The reason for this occurring is called inflation and is discussed by Forbes in the following article.
The game between gold and the US dollar is really all about inflation versus interest rates. Both are seen to be on the rise. But trust me, a point will come when it dawns on those with no 1960 to 1980 experience that when the depreciation in buying power of the US dollar is not compensated for by one year forward by rates, the bottom falls out of the US dollar. The next and more dangerous event is any circumstance that puts into question CONFIDENCE in paper assets - the dollar included.
Gold is not now and hasn't been for a considerable time under the influence of our gold gang. It is in the hands of the "establishment" investment community at the highest levels. The knuckle draggers on the floor are the last to get the message as they are the bottom of the political food chain at the COT investment banks.
This is business as usual in the now gilded halls of hanky-panky. It may make little sense but major investment firms owned by the establishment is the last place where “the Cabots speak only to Lodges,” as the old Massachusetts political saying goes.
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