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Clive Maund: Gold and silver outlook after contrived flushout
By Clive Maund
CliveMaund.com
Saturday, December 9, 2023
PM sector investors have just been royally played. First they are encouraged to pile in on gold's breakout to new highs, which occurred when it was already very overbought, and now they are being pressured into barfing their holdings before the sector turns around and then goes on to break out for real.
Here's how powerful forces set the trap -- and this, incidentally, is why in this age of instant communications it takes them three days to report the latest commitment-of-traders data after they are in possession of it. During the week before gold's dramatic but short-lived breakout last weekend, and after the COT data cutoff point at Tuesday's close, they piled on massive short positions, especially in silver. Then, after allowing gold to break out briefly overnight Sunday-Monday, they tanked the gold price in very thin trading, instantly destroying the bullish sentiment so that would be investors pull their bids and the price plummets. They did the same with silver.
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Now we come to the second part of their game to wrong-foot the majority of investors in the sector and fleece them not just once but twice. They force prices low enough so that the pain becomes unbearable and longs barf their holdings, which Big Money then happily scoops up at knockdown prices before the sector turns on a dime and goes roaring back up again.
This is my take on it and I may be wrong. I believe that those who engineered these moves will cover their shorts with huge profits going into this week and reverse to long and we will see prices stabilize before they recover. ...
... For the remainder of the analysis:
https://www.clivemaund.com/article.php?id=6604
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