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Message: Midas comment on today's gold action

Midas comment on today's gold action

posted on Jan 14, 2009 02:54PM

Anyone watching the early action today could appreciate why many of us get so ticked off about the markets … specifically the constant counterintuitive market action. This morning the euro was about .0040 higher against the dollar. Coming into the Comex open, gold was called $4 higher.

Then, a much worse than expected retail sales number hit the tape at 8:30 AM. An already weak DOW began to swoon, which made sense. What didn’t make sense was that the euro was tanked to down .0065. Why the heck should the dollar noticeably strengthen on yet even more bad news … and that is after rallying the last two days, also for no reason? Medium to long term interest rates are falling precipitously and the general economic news in the US is deteriorating rapidly.

The only plausible explanation is the US Government intervened in the market to force the dollar up, as they are petrified of market collapses … except for gold of course. That is the one they are encouraging.

Gold actually held up quite well, falling, but only a few dollars, and looking like it wanted to go back up on the day again. Then, it was BOMBED … straight down. Andy quickly noted…

No market plummets like gold, nothing even close.
Monday, the entire drop occurred the second the COMEX opened.
Today, the entire drop occurred at the same three times as always; exactly 3 am, exactly 8:20 at the COMEX open, and exactly 10:00 am after the London fix.
And yet NO ONE ever looks into this except GATA.
And don’t forget, the worse the U.S. economy, the stronger the dollar and treasuries.



Numb yet?

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