Debt Crisis Cannot Be Manipulated Away
Posted: Jun 28 2010 By: Jim Sinclair Post Edited: June 28, 2010 at 4:25 pm
Filed under: General Editorial
If the market for gold had not done its runaway/runaway common to overleveraged long morons, it would have broken out of the neat cup and handle formation going on to $1650. It will definitely break out of that formation.
The short term bullies that manipulated today’s market cannot manipulate the reality of the debt crisis away.
Today was the do or die takedown in gold by the mega hedge fund traders using the gold banks as beards for maximum effect. It was that because of the cup and handle formation. I know because I used to do the same thing on the other side.
Back in the 70s when the Middle East was the major buyers of gold they used a certain German bank as their broker constantly. When I wanted to run a large short position into oblivion, I used the same bank as buyers that represented the Middle East.
Nobody wants to buy or sell, only manipulate price, when they bid ten times what the offering is or offers ten times what the bid is in an open outcry market.
You have witnessed a pure operation by the bear hedge fund, just the same ones that are short of the junior and intermediate gold shares.
What has been painted in the gold market is also being attempted in the gold sharers. In time the futility of this will be very evident.