– Gold Slumps Most In 2014 As “Someone” Dumps $1.37 Billion In Futures At US Open (ZeroHedge, July 14, 2014):
UPDATE: Gold is down 2.5% – the biggest daily drop since early Dec 2013
In a status-quo reinforcing smackdown, gold and silver prices have been clubbed lower this morning to one-month lows with the biggest drop in almost 2 months. The customary USDJPY surge (and risk asset spike) has accompanied this high volume dump just to make sure everyone believes that BES is fixed, Ukraine is fioxed, Iraq is fixed, earnings are great, and the water is warm….
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I have lived a long time, and this is why I don’t mess with gold, except for jewelry. I have seen this happen so many times before. I remember the big gold rush and consequent crash of gold in the early 1980s….I sold gold I had put away 2 weeks before the crash, same with some silver……I was in college, and needed the money. I knew it could not stay so high….and it didn’t.
What can I say? This happens every decade or so, it is an old game. People who speculate in gold had better be able to afford it. I have a nephew who is retiring at the age of 45 thanks to selling gold futures, and other stuff I don’t understand. He has the understanding, some do, but most don’t.
I wish Nixon had not taken us off the gold standard. This nation has been gutted of its wealth, and we have nothing to fall back on. This country is a shell, there is nothing left. They are bringing some Mfg back, but it is low wage and very boring. There is no future in it. All opportunity is gone…….there is no way to make a good living if you are starting out with a pile of student loans. If you don’t have a degree, you can’t get a job selling cars………it is unbelievable.
That was naked shorts that were sold, against paper gold. Look to Goldman Sachs for the perps. Look past them to the FED to see it.
The gold spike triggered the “Plunge Patrol” into action and either they or someone they directed did it.
Its defending the dollar….. They cannot raise interest rates anymore because of debt and derivatives.
The market rising on thin trading? Thats QE money. But now the “little guys” are pouring into the market. Look for the crash to come.