Reading from the charts that Zerohedge provided gold prices fell about $12 per ounce and have since recovered about have of the drop.
Hopefully, these are signs of desperation on behalf of a gold cartel that is clearly, actively suppressing market prices:
- the front month (December) contracts were attacked.
- increasing frequency of the attacks
- gold price recovered quickly after the smackdown
1,500 gold contracts * 100 ounce/contract * $1,270/ounce = $190.5M. Suppressing gold prices discourages an alternative to debt and equity markets. $190M is a small price to pay/invest for a cartel that has been spending $85B per month to maintain confidence in those markets.
I am getting tired of lying against the ropes and taking these punches. Let's hope they have almost punched themselves out so that we can 'rope these dopes'.
"You have no power. You can't hit. You swing like a sissy." Muhammad Ali said to George Foreman before their famous rumble in the jungle boxing match.