They are the bullion banks and many of the bids in the system go through them. Most of the funds have computer operating systems that reacts instantaneouly to what transpires in the market goiong from bid to offer in split secinds when triggered and back again. It's extremely complex and COMEX trading is smallish compared to the OTC market. Most of the market traders and fund programs have been conditioned to respond to bullion bank activities oiver time like pet dogs. Don't ask me why but I assume they must be making money or they would have beeen out of the game long ago.

One of the long term player groups who are not much influenced by the cartel are the index funds and they were very long last year until forced by liquidation/deleveraging to reset the index values. This group had long paid no attention to cartel actions and the cartel long wanted to flush these guys and got their wish but this was due to influences outside their control. I suspect the index funds are back going long again and they tend to be long term players based on long term fundamentals and macro economic events.

There is lots more to say on this complex subject that is the gold market but let me state my view that when it finally decides to move higher that most techincal traders, COT traders and trend callers will be left behind as almost always happens. The market is very difficult to call in short periods of time and a flip of the coin outperforms most traders. Markets are not so easy to make money in or everyone would do it.

As a rule I never trade primary bull markets much, like gold right now, especially when they are grossly undervalued by fundamental standards and the same applies to primary bear markets as the DOW is experiencing. Markets in these states are very unpredictable and they can turn on a dime. In this gold market I just keep buying and wait patiently for what the fundamentals tell us is coming in the future, not knowing when that will be and really not caring very much as it will come and maybe when least expected.