Gold Trader: “The Market Manipulation Has Begun Again”
By Tekoa Da Silva
Bullmarketthinking.com
September 18, 2013
Following a few weeks of a returning decline in precious metals and mining share prices, Gary Savage, technical gold trader and publisher of the Smart Money Tracker, was kind enough to share an updated commentary. Gary’s trading calls have outperformed most of the world’s hedge funds during 2011 and 2012.
Here are his interview comments:
Tekoa Da Silva: Gary, a few days after the close on Aug. 27th, you made an outstanding call. On the 27th we had a day where the miners just collapsed, but gold I believe held firm or moved up that day; and you said, “Guys, I’m getting a funny feeling about this,” and recommended selling positions. Sure enough, gold and the miners got beat up again right after you made that call. How would you characterize the last few weeks Gary and what might they suggest going forward?
Gary Savage: Well, that day you’re talking about, that was a key reversal in the miners, and on that day, gold poked above that previous high at about $1425. So it made a higher high and then it sold off a little bit but it still ended the day positive. But the miners sold off on very heavy volume all day long and were down like three or four percent.
That just smelled fishy to me. It looked like the big money players had manufactured a breakout in order to unload their shares on retail traders that were buying these breakouts.
Boy did they unload and at that point, I just got a feeling that we were going to see the manipulation begin again and that these guys were going to try and take down gold again. My guess is that they’re going to try and take it back down to the prior C-wave top at $1030 before they allow the natural forces to resume and the cyclical trend to get back in force.
TD: Gary, when we talk about manipulation here, I know that parts of our community believe manipulation is used to discredit gold as money and provide a better perception or visual appearance for the paper currencies. But when you talk about manipulation here and now, and throughout 2013, what is the purpose of this type of manipulation as you see it?
The Rest…HERE
