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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.

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Message: Midas ain't happy

Midas ain't happy

posted on Jun 18, 2009 03:18PM

More disgust. You guessed it … Cabal Plan A at 3 AM New York time. The Gold Cartel stopped the gold price in its tracks right above $940, as it was streaking to catch up to the weakness in the dollar after the Comex gold close. Down she went.

However, Plan A failed to work due to strong demand for physical gold. The price rallied back above key technical resistance at $940 with the PM Fix coming in at $940.50.

So what’s next? You guessed it: Plan B, which means an attack on the gold price after the conclusion for the physical pricing for the day (PM Fix) … and down gold went again….

This morning gold was $4 higher and the euro was .40 lower. The euro then rallied with the stock market again, but gold, thanks to the bums and their Plans, dropped $7.

The best news of the day was that key support at $930 held, as gold put in a low of $930.60.

The gold open interest went up a surprising 3839 contracts to 375,836, which means the new buyers showed up again to take on Goldman Sachs and their ordered short position of late. No doubt it was Goldman Sachs and friends stopping gold at $940 twice today to protect that short position.

What’s going on in silver? The bulls are not backing off. Some are ADDING. The silver open interest rose a VERY steep 4177 contracts to 108,158, which puts it at its recent high.

The battle between The Gold Cartel crowd and the new buyers is back again in earnest at these lower price levels and is the reason gold and silver have not been routed further … yet anyway and hopefully NOT AT ALL.

Perhaps the buyers have taken note of the following biggie which eventually will take its toll…

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