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Gold rises as traders add positions after CFTC
The chairman of the Commodity Futures Trading Commission said that the agency's planned meeting in early March to discuss possible position limits on metal futures and options contracts will focus on gold and silver contracts.
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Originally posted by Xeven
Was housing then stocks now gold. Looks like to me the cheese is about to move again.
Originally posted by GreenBicMan
Maybe bullish breakout for gold?
Looks like a battleground here.
Originally posted by GreenBicMan
Still waiting to get in at sub $1000..
IMO we now have a definitive flag pattern emerging that will most likely break down and whipsaw beneath the lower support. Still refuse to nibble before the green line.
Closing on a whipsaw candle underneath the 20 EMA = more selling pressure IMO.
Originally posted by GreenBicMan
I am going to bring my stop way back down. After looking some more at gold I become more bullish. That is of course if this does indeed come to fruition.
I am pretty much thinking a few solid higher closes over the 1144 mark will trigger the next upside. I do think though if this ascending triangle breaks down we are headed for the bottom check mark.
This again for some reason will most likely not display right so here is LINK
[atsimg]http://files.abovetopsecret.com/images/member/60fa29b0f5f5.gif[/atsimg]
Originally posted by monetaryprotest
reply to post by GreenBicMan
Andrew Maguire seemed pretty persuasive to me on the subject of manipulation.
Fake gold would probably make the paper price go down since the paper price is based on trading parts of large bars that are perfect for filling with tungsten. It's a pain in the ass to check if a bar has tungsten in it, you have to drill into it or cut it open. 1 oz coins should be safer because they're thin enough that it's much more difficult to stick a lump of tungsten in there. Premiums on coins would probably increase for that reason.
News about the manipulation is spreading, with China paying attention according to some observers:
www.investingcontrarian.com...
Continuing on the trail of exposing what is rapidly becoming one of the largest frauds in commodity markets history is the most recent interview by Eric King with GATA's Adrian Douglas, Harvey Orgen (who recently testified before the CFTC hearing) and his son, Lenny, in which the two discuss their visit to the only bullion bank vault in Canada, that of ScotiaMocatta, located at 40 King Street West in Toronto, and find the vault is practically empty. This is a relevant segue to a class action lawsuit filed against Morgan Stanley, which was settled out of court, in which it was alleged that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store, yet even despite charging storage fees was not in actual possession of the bullion. It appears that this kind of lack of physical holdings by all who claim to have gold in storage, is pervasive as the actual gold globally is held primarily in paper or electronic form. Lenny Organ who was the person to enter the vault of ScotiaMocatta, says "What shocked me was how little gold and silver they actually had." Lenny describes exactly how much (or little as the case may be) silver was available - roughly 60,000 ounces. As for gold - 210 400 oz bars, 4,000 maples, 500 eagles, 10 kilo bars, 10 one kilogram pieces of gold nugget form, which Adrian Douglas calculates as being $100 million worth, which is just one tenth of what the Royal Mint of Canada sold in 2008, or over $1 billion worth of gold. As Orgen concludes: "The game ends when the people who own all these paper obligations say enough and take physical delivery, and that's when the mess will occur."
Also note the interesting detour into what Stephan Spicer of the Central Fund Of Canada, said regarding his friend at a major bank, who wanted access to his 15,000 oz of silver, and had to wait 6-8 weeks for its to be flown in from Hong Kong.
It is funny that central bankers thought they could take the ponzi mentality of infinite dilution of all assets coupled with infinite debt issuance, as they have done to fiat money, and apply it to gold, in essence piling leverage upon leverage. They underestimated gold holders' willingness to be diluted into perpetuity - when the realization that gold owned is just 1% of what is physically deliverable, you will see the biggest bank run in history.