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Dan Norcini: Gold price cappers aren't fooling anyone anymore
By Dan Norcini
JSMineset.com
Tuesday, July 10, 2007
Today was one of the most blatant capping efforts I have seen in gold in some time, and that is saying something. With the dollar breaking through major support and with crude oil moving up along with the CRB index, to see gold struggle to keep its head above water would have been almost comical if it wasn't so obvious as to what is going on.
You have to wonder what it is about the number "666" that the enemies of gold are so obsessed to hold gold below that price. We could not make this stuff up!
The official sector is so terrified of letting the gold price get away from them that they are making fools of themselves, since even the most obtuse are beginning to realize that something stinks to high heaven in the gold market.
My own view of this is that anyone -- and I do not care how well-respected or how well known he is -- who denies that there is official-sector intervention to keep the price of gold down is willfully blind and has forfeited any right to be listened to.
I have been a trader for nearly 20 years now and have seen all manner of markets trade and all manner of price action and will state categorically that no other market on the planet trades like the gold market. The price action in gold cannot be explained in any other way than by official-sector intervention.
Market commentary from the usual nitwits to explain gold's weak price action was encapsulated in the view that gold traders were waiting to see what Fed Chairman Bernanke would be saying in his speech at 1 p.m. ET. Oh, sure, I get it: Traders are concerned about the dollar's reaction to any talk of Fed action on the interest rate front. Meanwhile the dollar falls into a black hole! And to think that some people actually get paid to produce this sort of swill.
The friends of gold can rest assured that those who are vainly expending energy and resources in suppressing it are spitting into a hurricane. They should give it up since they are no longer fooling anyone. Once a ploy becomes widely known, it no longer serves any useful purpose. Screwing around with a yardstick does not mean that one can alter the fact that there are 36 inches in that yard.
In the same manner, attempts to alter the barometer of gold have zero affect on the conditions that are calling for its inexorable rise higher.
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