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6 Comments

  2. Reduction in Russian gold purchases is much more likely due to their reduction in oil revenues. With oil prices down, their economy is on life support.

    1. That’s a very good point. I should have tied those two things together. I haven’t been watching the oil market as closely as I used to.

  3. Steven, any word on who dropped the approx. 3billion in shorts to kill the momentum in golds rise? When are we going to get transparentcy to such blatant manipulation?

    1. Hi VT,
      It was probably some big players to start off, then the algos jumped on board. Anybody who had active puts on gold would have been closing those out like their hair was on fire.

      It does make you wonder how they all manage to always do it at once every time. Definitely some chatter between some trading desks, or even High Frequency Trading algos that watch each other for a signal. These short dumps would basically all happen in one second in that case.

      With the precious metals manipulation probes going on in multiple nations, hopefully we will see this being suppressed some time in the future. The DoJ going after JP Morgan itself instead of stopping at the traders, is a good sign.

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