Early last week I mentioned that I saw $1,140 for gold and $17.90 for silver as technical support levels. In the current route, the crimex criminals pushed through these levels without any hesitation. Technically this is not good for us. The next level I see for gold is around $1.070. For silver I can't find a credible level. Last night I thought we would see a small rise to test $1,100 and $18.00 So much for that thought.
Looking at the last COTS, we see that the crimex criminals would like to get gold back to $990 to clear a poop load of in the money calls and protect their remaining physical. I am amazed at the damage and the boldness of the new jerk mafia. This kind of manipulation should remove any doubt that new jerk markets are not trustworthy and should not be the "price discovery" mechanism for trading physical.
As angry as this makes me, as much harm as it has done to my portfolio, I find comfort in the understanding that the latest arrogant attack on the market may well lead to the crimex eventually being discredited. Hopefully the global community will find a way to replace or ignore the crimex and trade the metals and other commodities at prices set by buyers and sellers rather than gamblers and thieves.