This past Monday, the price of spot gold went from all-time highs in the early futures market, to down bad after the trading day was done.
Gold bugs and traders alike were all shocked and disappointed.
Disappointed I understand. But shocked?
It Just Can’t Win!
The all-time high for spot gold in USD on the daily close is $2058.40, made on August 7, 2020.
Let’s take a look at the chart.
These are weekly bars.
The first peak is the 2020 high I referred to earlier, closing at $2058.40.
As you can see, the other peaks attempted to close above it, but all got rejected.
Pardon the last one, as my weekly candle closes in an odd place here in the Western Hemisphere due to the time shift with MT4. It did not break the high as we all know.
It got rejected in a big way.
But this is not new.
It was however, a lot more exaggerated than the ones before it.
They’re sending a message.
What Message Is That, VP?
Despite their best efforts, the big banks can only suppress the price of gold and silver so much.
And despite the constant belly-aching and outrage from the gold and silver bugs, they should note the price of gold and silver continues to go up over time despite this.
Gold is going to break those highs.
Bear in mind, the S&P and the Nasdaq are still raging upward, yet gold is threatening all-time highs.
This is not supposed to happen.
Imagine what will happen when we see real weakness in the market, especially in the form of a recession or major correction.
Gold already won’t have very far to travel.
It’s happening.
BUT, the Big Banks want you to remember this.
Remember how it felt.
Remember how it fucked up the profit from your trade.
Remember how your mining stocks nosedived during the rejection.
They want you to lose confidence the next time this occurs, so you don’t participate.
Because next time (or the time after that possibly), is going to be “the one”.
And it’s in their best interest to have as few of you plebs along for the ride as possible.
But they can’t stop it. It’s inevitable.
Just be aware of what they’re doing. It’s the same thing they always do.
Keep pushing right along.
Their little games will fool some of us. But not all of us.
— VP