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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
Message: Liquidation in August gold
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Liquidation in August gold might have something to do with this, along with the high Open Interest, but the Friday-Monday timing is suspicious. So is the fact that the OI in silver in not high and it is getting whacked too. This is an intervention (Anglo-American) and it bodes ill for all commodities today. The irony is, that when the powers that be do this to gold and commodities, they also whack the DOW "industrials" and that's also not good for the Dollar. You know, when you get in that box, and the walls keep closing, there comes a time when no matter which way you turn, you bump your nose. Notice that gold was hit in the NY GLOBEX market, particularly just before London opened, to get the slide started. London is filled with American bullion bank interests which makes it almost as bad as COMEX, except for the much larger size. They got gold below 940 support this morning, so we shall see if there is any foreign buying support. South African gold production slumped 12% in July, year over year because these are old mines and $900 gold just won't carry them.... Now if South Africa refused to sell at the paper price, like Venezuela, China, Russia and Ecuador, we might get a stop to these shenanigans...... As it is, you will have one more chance to buy $900 gold in my opinion, and these guys may get the price down to $880. I half expect this because every major gold breakout has been marked by a false breakdown first, to whipsaw the specs out of their positions. The PPT better be careful as the DOW is weak right now and they could set off a major crash, just like last August.
Gold production is falling everywhere, except in China and Russia who ignore the spot price. China significantly subsidizes domestic mines and bans exports of both gold and silver. I don't know if the Russians do but they may. This means that the gold price is too LOW, not high as all those cash for gold T.V. ads keep saying.
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