Co-ordinated attempt to take down gold and silver

[Zhorro]

There have been some wild movements in the prices of gold and silver this morning.  Gold, a high of $1981 down to $1,908, and silver, a high of $26.22 down to $22.35 (all taken from the BBP precious metal charts).

The charts below would appear to show that these moves were co-ordinated.  So, was it end of month profit taking by the big players?  Or a deliberate sell-off to induce a cascadia effect (to trigger the automated sell-off by other players in the market)?  Or an attempt to help short-sellers get off the hook (the big players have to stick together)?  Whatever it was, it could be seen as a sign of desperation by the big players.

[Kman]

It's the dollar rising 

Why the dollar is rising I don't know but that it is (at least for the short term) 

[onlyroadtoheaven]

I am not sure how much I buy into the theory of these strange forces artificially keeping the price low. The crackpot YouTube videos don't help. Additionally can a price be artificially held low for 15 years? If it means that you can still buy it low then it is fine by me, although current situation with premiums means that you cant. 

PM prices are generally weak through the summer months so I am happy with where we are at and it will be a little bumpy along the way. Silver will always move in crazy ways.

[ilovesilverireallydo]

I bet take profit and buy backs happening

[Zhorro]

Yesterday's close for gold was $1942.60, and in the following four and a half hours after the market opened, gold stood at $1,977.18.

Yesterday's close for silver was $24.58, and in the following four and a half hours after the market opened, silver stood at $26.22.

So, the market had been pushed up when the co-ordinated selling started to take place.

Consequently today's headlines on Bloomberg TV are not focusing on gold's record high but:

"Gold loses its momentum after record as volatility rolls silver" and

"Stocks gain as gold rally cools below $2,000".

For the record, gold is currently $1,932.60, i.e only $10 below yesterday's close!  I guess some people will be having a real laugh at these headlines.

[Shinus73]

36 minutes ago, Zhorro said:

Yesterday's close for silver was $24.58, and in the following four and a half hours after the market opened, silver stood at $26.22.

So, the market had been pushed up when the co-ordinated selling started to take place.

Was the buying that pushed it there also co-ordinated? Seems just as likely as co-ordinated selling. 

[Zhorro]

14 minutes ago, Shinus73 said:

Was the buying that pushed it there also co-ordinated? Seems just as likely as co-ordinated selling. 

I agree.  It does seem likely that the upward push was also co-ordinated (so that there would be a greater fall).

[Martlet]

43 minutes ago, Shinus73 said:

Was the buying that pushed it there also co-ordinated? Seems just as likely as co-ordinated selling. 

Prices going up are always organic, positive demand, prices falling is adverse manipulation, same in any market.  Cant be other factors, news, profit taking, buyer exhaustion, oversold signals, or other natural, normal market reasons. 

 

[vand]

There was definitely a coordinated attack in the paper contracts this morning. Dirty shyster bullion banks trying to get out of their short squeeze.

But buyers have come back in to defend it. It's definitely interesting times.

[HawkHybrid]

5 hours ago, Zhorro said:

Yesterday's close for gold was $1942.60, and in the following four and a half hours after the market opened, gold stood at $1,977.18.

Yesterday's close for silver was $24.58, and in the following four and a half hours after the market opened, silver stood at $26.22.

So, the market had been pushed up when the co-ordinated selling started to take place.

Consequently today's headlines on Bloomberg TV are not focusing on gold's record high but:

"Gold loses its momentum after record as volatility rolls silver" and

"Stocks gain as gold rally cools below $2,000".

For the record, gold is currently $1,932.60, i.e only $10 below yesterday's close!  I guess some people will be having a real laugh at these headlines.

 

there is a candlestick pattern called dark cloud cover(some like to call it gap and c**p).

pm's might not be ready to hold those levels yet?

 

HH

[Zhorro]

25 minutes ago, HawkHybrid said:

 

there is a candlestick pattern called dark cloud cover(some like to call it gap and c**p).

pm's might not be ready to hold those levels yet?

 

HH

But would this explain why the two charts (gold and silver) at the start of this thread are almost identical?  And why both had sell offs starting at 3.30am (UK time) this morning?  And why both had two significant sell offs this morning?

It looks as if the concerted attacks have failed because gold is now above yesterday's close and silver is only 30 cents off it.

[HawkHybrid]

14 minutes ago, Zhorro said:

But would this explain why the two charts (gold and silver) at the start of this thread are almost identical?  And why both had sell offs starting at 3.30am (UK time) this morning?  And why both had two significant sell offs this morning?

It looks as if the concerted attacks have failed because gold is now above yesterday's close and silver is only 30 cents off it.

 

yes. gold and silvers correlation is like dow, s&p500 and nasdaq.

highly correlated commodities(or stocks) tend to make smaller time frame highs and lows at

or very near the same time.

if gold and silver goes up together then it means that they are highly likely to go down together

as well.

 

HH

[Prophecy]

I hope you guys don't over analyse your relationships like you do this price movement. 🤣

[Zhorro]

49 minutes ago, Prophecy said:

I hope you guys don't over analyse your relationships like you do this price movement. 🤣

Don't you think it is important to understand what influences prices?

Interestingly, Bloomberg TV's latest interpretation is as follows:

"Gold's wild night from record high to plunge to not much, really."

From this headline one would never think that gold was on track to close at another record high (in dollars) - and it is the closing figures that people tend to remember (rather than the intraday ones).

So, the price movements that I have been discussing, have totally dominated today's narrative - which should have been about the gold and silver breakthrough and their potential.

 

 

[Zhorro]

This YouTube video is an interesting discussion of yesterday's gold and silver price movements: 

 

[Prophecy]

That guy needs to write a script.

[Zhorro]

This article focuses on just gold and talks about yesterday's two "attacks" on gold.

https://www.zerohedge.com/news/2020-07-29/gold-reaches-2000oz-prior-two-attacks-futures-market

"The duo concerted attacks on gold suggest that someone with stature has transitioned from being alarmed about gold to being afraid of gold."

[goldmember44]

I've definitely seen what appears to be coordinated "propaganda" in the media, trying to convince investors that gold was a poor hedge against inflation and just a wild risk to own.. lol.

They would even show you charts of how you would have lost money over a 20 year period...but of course conveniently for their argument they start counting from 1980, when gold was at a high...and stop just before gold started to rise again after 2005, when the bear market came to an end. Hardly honest...