By: Gary Tanashian
I have not gone off the deep end and joined the “community” of boosters, promoters, pompom waving cheering squads and general cult figures who you can just tell not only want you to adore gold, but in some cases need you to act on your adoration and buy gold or gold stocks. Read into that what you will, but the history of investors burned by the pitch, which tugs at peoples’ morals, sense of right and wrong and plain old common sense, is a long and storied one.
As in any market, you are the mark, the target, the food… unless you do the educational work to the degree required in order to have your own – not some expert’s – view on things. That includes we would-be geniuses who think we can write for you and provide worthwhile information along the way in your decision making process. The day I stop learning and working to be better is the day I stop doing this, and that’ll be the day they fit me for a pine box.
By educational work, I don’t mean understanding the difference between a Fibonnaci retrace percentage and a time cycle. I don’t mean understanding the difference between a bottoming pattern and a consolidation pattern, an open pit mine and an underground mine or any other of the very real things that an investor or trader considers. I mean you have to do work on yourself because no one has got definitive answers and you should not be seeking those… from anybody!
The reason I am being so presumptuous as to assume there are people who fall victim to the pitches and the plays on peoples’ greed, fear and naivete is because I know you are out there. I know because this gentleman is presumably writing to an audience…
I agree with him, gold manipulators not only will be punished, they were punished in unrelenting fashion for four long years. When the HUI Gold Bugs index lost key support (as we noted in real time about the 460 area) in 2012, still they cheered and poked monetary authorities in the eye with dogma and belligerence about the coming of QE3. This kept the gold bug faithful in the game. After we noted distinct signs of economic firming in early 2013 and gold proceeded to crash major support in the 1500’s, still they pumped. The PTB, the PPT and the unholy Goldman/JPM/Fed trinity were putting the poor gold bug army to the test. ‘Stand up to it boys, I’m right here with you!’ cried the generals from well behind the front lines, ‘it’s just paper gold manipulation!’
You only need the first paragraph to know where the above-linked article, published today, is going.
“The selling of gold we saw last week was another desperate attack by the BIS and some central banks, together with the bullion banks, to manipulate the gold market lower. We saw over 40% of annual production of gold being sold last week which is 1,000 tons. The physical market continues to be strong which I will discuss further on.”
Actually, the first sentence is all that is needed. We heard that physical demand, China demand, Russia demand crap all through the bear market. It did not matter then and it does not matter now.
By: Gary Tanashian
© 2010 Junior Gold Report
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