gold - sinclairs o/night summary

  1. 217 Posts.
    .. told you this morning that the longs had a gold trading strategy and you witnessed it unfold. The primary seller after some covering was Morgan which sold a considerable amount of gold into a bag held out by what was interpreted as non-US buying.

    The shorts are trying to cover under the cover of a willingness to sell. Actually a neat strategy, if I say so myself, but totally transparent to a 44 year veteran trader like myself.

    Nice try by the short of gold men/women who are attempting to make cover. I would say that $418 is closer than Barclay’s thinks. I love the Reuters article regarding Barclay’s research statement that pointed out the long COT but somehow forgot to mention the short COT of over 20,000,000 ounces of gold.

    With gold up $5.50, now the bill to COT commercial gold traders at the close of the Comex was over $100,000,000.00 real green US dollars which must be paid before the opening of Comex tomorrow.

    That $100,000,000.00 in real dollar bills will be credited to the accounts of the non-professional gold traders, the long position holders who are supposed to be stupid. Now who is stupid, the payer or the paid?

    Gold is looking like it wants to vault to $400 this week at least. The shorts are covering so look for their activity in the Asian and European markets in the a.m. tomorrow I will not be sleeping tonight my dear short of gold men/women and will greet you on the font lines"

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