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Some Encouraging Words from GATA's Bill Murphy. . .
(TheBox) Jan 28, 23:09
Just thought fellow gold-insects might enjoy some of Bill Murphy's comments for today's market actions. . .Encouraging us all to "keep the faith":
MINI MIDAS - What Happened Today
The U.S. economic numbers continue to strengthen, while the inflation outlook becomes more worrisome. The Gross Domestic Product for the U.S was close to 6% for the fourth quarter while the Employment Cost Index was 1.1% - both numbers were higher than expected.
In the meantime, U.S bonds continue to rally because of reduced available supply as our government buys some 30 year bonds back. Because of the inflation numbers, the yield curve is becoming more and more inverted; ie, the 2, 5 and 10 year notes all have higher yields than the
30 year bond.
This is causing market players that are "long" short term credit instruments and "short" the Treasuries to be squeezed. Rumors were rampant of financial institutions suffering massive losses.
I received a call that the mortgage desks of two big banks were in trouble. Deutsche Bank and Mellon Bank were in the rumor mill as two likely candidates. In addition, there may be many smaller problems out there for financial institutions that are also "long" short term money and "short" long term money. Market participants that have hedged commitments by shorting Treasuries are really being squeezed. That encompasses many types of players.
The irony is that the U.S. buying of bonds - which normally would be VERY supportive for the stock market as long term yields come down- is causing financial distress for many financial institutions caught in the squeeze.
That is why stock market rallies failed all day today and the Dow closed down nearly 300 points.
The economic news was bullish for gold. It fluttered
either side of unchanged for awhile, but as soon as the rumors started to fly and the stock market swooned, Deutsche Bank and Chase Bank came in and bombed gold and the price collapsed, ending the day $4.50 lower.
The good news is that the modus operundi of the Hannibal Cannibals" is so blatant that the manipulation cries are being heard now by more and more of the mainstream gold market participants.
Over and over, it is Deutsche Bank, Chase and Goldman Sachs doing the selling at strategic moments. Why today? Because with banking rumors flying and the stock market in a big dive, the bullion banks could not afford a rising gold market after the latest increasing inflation news.
The banks have to deal with yield curve problems now. They do not want gold rising above the critical gold loan area of $290 and have to deal with their gold loans going underwater too. SO THEY GET TOGETHER and SELL.
They also fear that a rapidly rising gold market would indicate the financial distress now creeping into the markets. In other words, as always, hide the truth - and ALWAYS at gold's expense.
It is not too hard for them to win the battle in the short term either. Not too many longs around. The Comex open interest has now dwindled to 139,790 contracts, the lowest in many years.
Like I said last nite, who wants to bet in a casino in which that casino practically announces that the game is rigged against you. Would you take your hard earned money and sit down to play "21" in a casino that had this blazing neon sign out front: "ALL CARD GAMES IN THIS CASINO ARE RIGGED. IF YOU START TO WIN, THE DEALERS HAVE THE RIGHT TO PULL CARDS OUT OF THEIR SLEEVES."
That is why speculators do not want to play the gold game anymore. That is why they are selling off the North American gold shares and the XAU, at 59, is on a slow road to oblivion.
Short term. That is the bad news. The good news is that it won't be long now before either this fraudulent scheme is exposed, as it is becoming blatantly obvious, or another surprise like September's Washington Agreement will confound the bears again.
In either case, the price explosion in gold is likely to be dramatic and sustaining this time. Holders of bullion and gold shares will clean up.
This is NOT a day to be disheartened. Daylight is not that far off and the events in the market place today set the stage for gold market fireworks in the not too distant future.
Lost in the fray today was the fact that platinum closed very close to $500 while palladium continues its own relentless move higher.