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Gold and Silver Mugged By Wall Street Insiders - Because They Can

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Published : August 12th, 2020
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Category : GoldWire

"Day by day the money-masters of America become more aware of their danger, they draw together, they grow more class-conscious, more aggressive. The [first world] war has taught them the possibilities of propaganda; it has accustomed them to the idea of enormous campaigns which sway the minds of millions and make them pliable to any purpose.

American political corruption was the buying up of legislatures and assemblies to keep them from doing the people's will and protecting the people's interests; it was the exploiter entrenching himself in power, it was financial autocracy undermining and destroying political democracy. By the blindness and greed of ruling classes the people have been plunged into infinite misery."

Upton Sinclair, The Brass Check

Today was hardly a risk on day, judging from major stock indices and the VIX.

And the dollar itself was up only slightly.

But gold and silver were just hammered lower.  What's up with that?

The reason was hardly the announcement of a Russian vaccine.

Rather, it was almost certainly a measured 'technical' hit on a metals market that was very overextended to the buy side, with small specs and punters piling on the longs.

And then there were the trailing stops, which the Wall Street insiders get a peek at, which most likely presented a very tempting target, easy to hit and trigger a slide.

Gold and silver were bound to correct. They were starting to go parabolic.

I was sitting in cash waiting for this, and took the opportunity to pick up some trading positions.

Let's see how things go from here.

Have a pleasant evening.





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