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King Report: Gold's touch of $2,000 triggers two attacks
By Bill King
The King Report
Burr Ridge, Illinois
Wednesday, July 29, 2020
From Tuesday's King Report: "Anyone that's been around the block a few times with gold knows that at some point 'they' will stage a concerted effort to drive gold lower. ..."
December gold hit $2,000 at 21:19 ET Monday. It then retreated and traded sideways until 22:50 ET. Then someone slammed gold down to %1,955 in 20 minutes. This is obvious "impact trading." Gold then traded sideways for over four hours.
At 3:27 ET another attack on gold commenced. December gold finally bottomed at $1,927.50 at 3:51 ET. Gold rebounded sharply after Goldman hiked its target price to $2,300.
... Dispatch continues below ...
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The duo concerted attacks on gold suggest that someone with stature has transitioned from being alarmed about gold to being afraid of gold. ...
Today the July gold contract expires, so gold could be volatile. Physical gold is in short supply, so entities that are short July gold better have the stuff. Perhaps this is why gold was attacked on Tuesday. ...
[Warren] Buffett and many others have proclaimed that owning "good" common stocks is a far better inflation hedge than gold. This is mostly true as long as the business is domiciled in a country that has a solid belief in the rule of law and justice as practiced by constitutional oversight. However, gold is a far better and safer option in a banana republic or totalitarian regime. Common stocks owners, especially private equity, should be very, very alarmed at where the United States is heading.
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