harveyorgan.blogspot.com / March 13, 2013
Good evening Ladies and Gentlemen:
You could see that today gold and silver were set up. Gold was allowed to rise to $1600.00 when the cartel arrived to smash our precious metals down, with gold finishing the comex session at $1588.30 down $3.20 and silver down 21 cents at $28.92. You knew the smash was coming when you saw the gold/silver equity shares down appreciably despite the higher price of gold as well as the silver not joining in gold’s parade.
This is the third attempt by gold to break $1600.00 and the traders will use this to their advantage trying to knock gold down below $1525. Technically speaking this is not bullish for gold but technical analysis should never be used when you have 100% manipulation.
In the access market at 5 pm:
Gold and silver equity shares got whacked pretty good today.
In the delivery front with respect to gold, we had another big delivery and as such the amount of gold standing for March (a non delivery/non active month) is 8.9 tonnes.
In other news, the stock market in Japan and the Shanghai composite both fell today. Both nations are very worried about inflation seeping into their economies. Eurozone industrial production contracted again last month which did not bode well for European stocks. We had a disappointing Italian bond auction and thus the Italian bond yield rose 6 basis points coming closer and closer to 5.%. The Spanish 10 year bond yields also rose in sympathy. We will cover these and other stories but first….
let us head over to the comex and see how trading fared today: