The Gold Anti Trust Action Committee informs us that…
Ooh, engineered? That sounds evil. “Engineered”… tell me more GATA. Let me in on what really goes on.
The name of this outfit is meant to instill paranoia and draw battle lines, and they trot this crap out every time gold takes a normal correction. Then there is the obligatory kinship they promote with the unsuspecting gold bug, who is called a “friend of GATA” (and asked to donate to the cause) and is even referred to as a friend of Gold! Imagine that, in GATA’s world you get to be friends with a shiny rock instead of simply using its utility to your financial advantage.
Sound familiar? James Sinclair uses the same cheesy mind control for his herd, calling them CIGAs (Comrades in Gold Arms). You belong, because you are a CIGA and you are righteous. They are evil. Really, can people be this gullible? I guess so, because cults are a thing.
All markets are manipulated. Gold is especially well manipulated. But shut the fuck up and manage it.
Below is a snippet from the article. Feel free to tap the link above and go get the rest of the inside story on why ‘they’ are going to “attack” poor gold. Go become enthralled with the promotion if you’d like. Have wide eyes and see the ghosts.
I think we now can expect gold to be attacked whenever a major government fundraising is being arranged or some big economic news is being presented. President Trump will support all this as he appears to be heading for defeat for re-election in November. Given his record, I imagine that the positive official spin on economic news will become even more remarkable.
Gold went down on Friday because it is counter-cyclical and herds of FOMOs jumped the market because the dullest ones could hold out no longer. For the same reason that gold has gone up and will again go up, it goes down. It is counter to economic activity and/or economic sentiment (i.e. confidence). Friday was a bunch of casino patrons and machines pumping a Payrolls report that was in the bag (of course the earlier of the economy reopenings were going to arrest the jobs disaster to a degree).
Here is what’s going on in gold. As the herds rush to the risk ‘on’ side of the boat they are dumping the metal that they clung to for security during the risk ‘off’ COVID-19 hysteria. This “attack” that GATA speaks of would be a normal pullback within a nice daily uptrend. Gold can easily tap the up trending 200 day moving average (orange) per the negative divergence that has been ongoing in RSI since March. As it is, it has not yet even lost the first support level although it did drop below the SMA 50 and tick something of a short-term lower low. Additional pressure is likely if/as the broad market party atmosphere continues.
This would be a cleaning of the traders holding gold from the March knee-jerk. Large speculative interests will dump, and then the risk ‘on’ world will probably turn risk ‘off’ again and that’s the story. Gold will finish a pullback, rise again and GATA will heroically lead the charge in the victory over evil. It’s a battle of us against them, after all. That’s the GATA promo. It’s so enthralling.
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