Will Gold Stand Strong Above $1,300?
Will Gold Stand Strong Above $1,300? by Rory – The Daily Coin
This week, so far, we have seen gold move up and break through some of the resistance that has been holding it down. Will the trend continue? Round numbers, like $1,300, have long been important road marks for gold.
Today we will get some preliminary noise about the “big show” tomorrow, being the unemployment numbers. How the bullion banks decide to use this to their advantage is anyone’s guess. As of this writing gold is sitting at $1,312 and silver is sitting at $17.38 (futures – not Kitco). One good flow of paper into the CRIMEX and both could be headed south.
The good news about the fraudulent paper PM “market” is it takes a lot more paper for a short lived spike down that almost immediately regains all the losses. I would tend to agree with Craig Hemke, TFMetals Report, that the bullion banks must be growing weary of this game. Yes, they generate huge profits, but the resources required to keep up this charade grow everyday. Just a few years ago the bullion banks could scope up billions of profits in short order, now, my guess is, they are merely scoping up millions and their cost have skyrocketed.
Here’s a look at what’s happening right now. I will be including a third chart, from Investing.com, which shows the futures pricing. This is closer to reality than Kitco, which uses a formula to “create” what people accept as spot pricing.
As you can see the Investing.com chart is live and constantly updating. Unfortunately I can not make the chart larger without it becoming blurry and illegible.
Click Either Kitco chart to Enlarge
Keep a watch out over the next 36 hours and, hopefully, we can finish the week above $1,300 for gold and silver can hold strong in the $17.25 range or above. This would have the potential to make next week very interesting indeed. Of course, their are criminals everywhere, so, we always have to keep that in mind.