Spot gold prices turn negative

Thu Aug 25, 2011 6:58pm EDT

Gold dealer Stan Morton holds a block of gold valued at $63,000 in Los Angeles, California August 23, 2011. Gold prices retreated in choppy trade on Tuesday after earlier hitting record highs as a recovery in appetite for assets seen as higher risk, such as stocks, took the steam out of a rally that many saw as overdone above $1,900 an ounce. REUTERS/Lucy Nicholson

Gold dealer Stan Morton holds a block of gold valued at $63,000 in Los Angeles, California August 23, 2011. Gold prices retreated in choppy trade on Tuesday after earlier hitting record highs as a recovery in appetite for assets seen as higher risk, such as stocks, took the steam out of a rally that many saw as overdone above $1,900 an ounce.

Credit: Reuters/Lucy Nicholson

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(Reuters) - Spot gold prices turned lower late Thursday, after rising to as much as $ 1,772.14 earlier in the session.

Bullion was down 0.26 percent at $1764.89 an ounce at 6:43 p.m. EDT.

Prices had hit a near two-week low of $1,702.44 earlier Thursday.

(Reporting by Soma Das in Bangalore; Editing by Bob Burgdorfer)

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Comments (3)
Duffminster wrote:
the article sticks with the cut and paste analysis even as it acknowledges (as if only a passing thought) that there was a massive margine hike previously by the CME, followed by a very large Chinese margine hike which was then followed by a giant 27% margin hike, conveniently timed just before the Jackson Hole meeting. During this whole manipulation, the press was out in force calling a top in gold while no other commodity group was subject to such massive manipulation through massive margin. The more interesting story is that it seems a handful of the usual talking head “gold analysts” that usually come down on the side of paper markets was top calling just hours and in some cases days before the slam down. My guess is that the CME action was known by the giant bullion banks that do the bidding of the Fed and that it was also strategically leaked to these good old boy shill “analysts” to help drive the prices down even harder. And WHY? All to make Ben look better at Jackson Hole so that he could see “Look Banks Up, Gold Down and we don’t need to worry about QE3″ In other words, they used their profits in the short side of the market with the inside information to fund an artificial pop in the banking sector leading into the meeting at the Hole.

This is world class management of economic perceptions based market manipulation and the mainstream press plays right into it. It is also a clear sign of desperation in the physical bullion markets to try to temporarily enable the big bullion banks to buy more physical at lower prices to meet increasing global demands to deliver physical gold out of London and US vaults and into sovereign vaults and personal vaults as well.

For those not familiar with the long term means by which central banks and their largest primary bullion dealers and manipulate the markets for their own agenda it may be instructive to Google GATA.

Bing Duffminser

Aug 25, 2011 11:57am EDT  --  Report as abuse
Duffminster wrote:
the article sticks with the cut and paste analysis even as it acknowledges (as if only a passing thought) that there was a massive margine hike previously by the CME, followed by a very large Chinese margine hike which was then followed by a giant 27% margin hike, conveniently timed just before the Jackson Hole meeting. During this whole manipulation, the press was out in force calling a top in gold while no other commodity group was subject to such massive manipulation through massive margin. The more interesting story is that it seems a handful of the usual talking head “gold analysts” that usually come down on the side of paper markets was top calling just hours and in some cases days before the slam down. My guess is that the CME action was known by the giant bullion banks that do the bidding of the Fed and that it was also strategically leaked to these good old boy shill “analysts” to help drive the prices down even harder. And WHY? All to make Ben look better at Jackson Hole so that he could see “Look Banks Up, Gold Down and we don’t need to worry about QE3″ In other words, they used their profits in the short side of the market with the inside information to fund an artificial pop in the banking sector leading into the meeting at the Hole.

This is world class management of economic perceptions based market manipulation and the mainstream press plays right into it. It is also a clear sign of desperation in the physical bullion markets to try to temporarily enable the big bullion banks to buy more physical at lower prices to meet increasing global demands to deliver physical gold out of London and US vaults and into sovereign vaults and personal vaults as well.

For those not familiar with the long term means by which central banks and their largest primary bullion dealers and manipulate the markets for their own agenda it may be instructive to Google GATA.

Bing Duffminser

Aug 25, 2011 11:57am EDT  --  Report as abuse
stambo2001 wrote:
Yesterday a few articles about gold looking ‘bubbly’. People started to worry and wanted to cash in. So the suckers sell first thing today and the manipulators scoop it up a few hours later. Didn’t I read that very scenario predicted not too long ago on Zero Hedge?

Aug 25, 2011 12:55pm EDT  --  Report as abuse
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