GOLD 0.51% $1,391.7 gold futures

Where is it going--comment

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    May 11 - Gold $310.90 up $1.60 - Silver $4.64 up 4 cents

    Gold Remains Explosive

    Gold was making new highs about to take out buy stops when flip flopper Morgan Stanley showed up and hit gold for a quick buck and one half in very quiet trading. Ironically, Morgan S was the big buyer all week. Morgan is another one of those silent cabal members that I believe has abandoned the rigged ship and gone over to our side. That does not mean they still do not execute futures orders for The Gold Cartel.

    Comex gold open interest rose again on Thursday to 199,500, up another 2484 contracts. Many of the June call options were in the money. If a good number of futures were sold against them on this rally, the open interest will drop sharply on Monday. If it does not drop sharply, it probably means many specs exercised their options and are now long futures. That will be very bullish if gold advances from here, but bearish if The Gold Cartel comes out charging on Monday. We shall see.

    More importantly, gold has closed on a HIGH note for 3 weeks in a row. Today’s close was within a dollar of the last three week’s Friday closes. That is EXTRAORDINARY and gives credence to the Midas/Sinclair view that the Gold Cartel has lost control of the gold market. In past years gold was socked on Fridays. Many technicians view a Friday close as significant.

    Both gold and silver remain explosive!
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