Time to see how resilient the metals are in the last two trading days of the year. Grab some popcorn (or some Pepto)…
At 8:12 a.m. EST, we witnessed a mini raid in gold and silver:
The total amount of the paper price smash in gold was just over $1,000,000,000.
Granted, after both gold and silver rose in price in overnight trading, all the cartel was able to muster with this smash was a round trip to “unch” from yesterday’s close:
In addition to coming in during the pre-market, and in addition to blasting the sell button when there is light volume, what is one clue you can look at to understand it is a price attack and not some “price discovery”?
Even though the metals are “down”, the dollar is falling hard:
In other words, if the metals are dropping, the dollar should be rising, but since dollar is not only falling, but falling hard (50+ basis points since yesterday), the action in gold and silver is not normal.
And as such, we can see that the prices have already recovered:
But we’re not sure if that’s the end or just the beginning.
In other market news, Bitcoin is down approximately $2,000 peak to trough:
Which in market terms, at over 12%, Bitcoin has again entered a “correction”.
– Half Dollar