|
May 18 – Gold $680.60 down $11.50 – Silver $12.55 down 55 cents JP Morgan Readying Computers For $1,000 Gold, Perhaps Within Months "The greater the difficulty the more glory in surmounting it. Skillful pilots gain their reputation from storms and tempests." -- Epicurus GO GATA! Gold suffered some decent technical damage yesterday as a result of Goldman Sachs bombing the market. The main reason is that gold soared up to fill its gap left from the prior bombing and then fell all the way back, giving up its gains on the day: June gold http://futures.tradingcharts.com/chart/GD/66 Markets have a tendency to shoot for gaps and now this one is no more. The gold technicals get very nasty should gold close below the $675 to $680 area. There is no magic point here, however, a number of longer term bulls are likely to run for the hills should that area be breached. Yet, it is important to keep in mind the MEGA shorts must take these opportunities to run for the hills themselves. There are not a great deal of vulnerable shorts to flush out and they know it. Goldman Sachs, aided by Deutsche Bank, was the early seller this morning, continuing their aggressive attempt to get the price down. Spec buy orders flowed in from Europe in the early going … decent size too … 100 lots. What a surprise! The Gold Cartel waited until after the PM Fix (in which most of the physical market pricing for the day is effected) to make their move again. The FIX came in at a healthy $693.50. It was downhill from there on in. Why is it that no one else reports on this obvious trading pattern by the same people … want which focuses on the Comex paper traders to bury the market? Word has it Goldman Sachs may be involved in the bailout of some of the firms who are in trouble at the LME. Just rumor so far, but if so, it adds further impetus for them to take the gold market lower. So much for those who say the gold price action is tied to the dollar. It is not just so. The dollar fell .38 to 84.41 and was down against all the major currencies. The euro was last up .95 to 128.28. The gold open interest fell 3741 contracts to 334,979, which means we are now nearly 40,000 contracts less than when the price of gold was more than $200 lower. Here is a shocker: REUTERS GOLDMAN SACHS RAISES END 2007 GOLD FORECAST TO $800/OZ, LINKED GOLDMAN SACHS RAISES END 2007 GOLD FORECAST TO $800/OZ, LINKED TO WEAKENING DLR NEW YORK, May 18 (Reuters) - Investment bank Goldman Sachs said on Thursday it expected a renewed link to a weakening dollar to lift the price of gold to $800 an ounce by the end of 2007, up from its previous forecast of $650. "We expect gold to rise further with an expected trend weakening in the U.S. dollar. In addition, we think it likely that the final stages of the reequilibration of gold to the U.S. dollar will provide a further modest contribution to a higher gold price," Goldman Sachs Research said in a Commodities Comment.[/b] -END- ???? So why are they short 40,000 plus contracts on the TOCOM and why are they burying gold on the Comex? I don’t make this stuff up. The TOCOM positions are public records. As far as the Comex goes, I only report what our Comex floor sources report to us. There is no guesswork here. There is a Goldman Sachs floor trader in the Comex gold ring doing the selling (as reported) in full view of all the other traders. This new price prediction may also stem from press queries as to why Goldman Sachs never seems to get the gold market right and it is beginning to be noticed. They want to have something out there in writing which covers their butts. The silver open interest rose a scant 188 contracts to 110,372, leaving its OI more than 30,000 less than at its high. Silver was brutalized soon after the get-go and remains very difficult to assess on a day-to-day basis. Gold closed at, and right above, its key support area. Should this area be taken out, anything can happen in the short-term on the downside. However, as constantly mentioned in this column, there is a MASSIVE gold short position, related to the physical market, which has to be covered somehow. Those that need to cover cannot wait too long, or risk having to pay way up in panic market conditions. The Gold Cartel, led by Goldman Sachs, is trying to break the market down so they can cover. They have made their calculated move, regardless of what the dollar is doing. Probably because they know they don’t have much time left. In the days of yore The Gold Cartel would bury gold on Fridays when gold was this vulnerable technically. Thus, tomorrow is important. Should they fail to break the price down (as I suspect), we could shoot for $800 sooner rather than later. mehr.... http://www.lemetropolecafe.com |
|
| aus der Diskussion: | 10 Spekulative Gold-Silber-Uran-Gas Explorer / Produzenten mit 300 ++% Chancen!! |
| Autor (Datum des Eintrages): | SilberEagle (19.05.06 00:28:08) |
| Beitrag: | 2,126 von 6,701 (ID:21654635) |
| Alle Angaben ohne Gewähr © wallstreetONLINE | |