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Dan Norcini continues:
“It would not surprise me to see a melt-up as the day progresses after-hours or overnight if gold clears $1,720 and does not fall back. Gold could head quite rapidly to $1,740. The strange thing about this is the dollar has barely budged in all of this, so we have to keep an eye on the integrity of this move.
The trading is all about momentum and panicked short covering right now....
Continue reading the Dan Norcini interview below...
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“The key levels to watch are $1,720 on gold and $32.50 on silver. Significant pushes through those key levels will prove that the last spike down was a bear trap.
But this is massive computer buying at this point. There are just huge sums of money sloshing around the entire commodity complex. The trading is literally a case of hedge funds gorging themselves after selling last Friday.
They are slamming huge risk trades back on today as the entire commodity complex is rallying. Grains, livestock, energies (crude oil above $88) are all on fire. We are no longer dealing with human beings and people at trading desks who are making objective decisions based on fundamental reality.
We’re dealing with computers and the volatility they are creating in these markets is tremendous because there is no thought process to it. This is ‘Skynet’ out of control. Silver dropped 4% on Friday and today it’s already up 3.5%. The extent of the price moves are being grossly magnified by the way the computers overwhelm and swamp all of the human traders in front of them.
In the movie, ‘The Terminator,’ the machine-based entity ‘Skynet’ had taken over. That is what has happened to our markets. The markets are broken, and the computers are in control.”
© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
The interviews with John Embry, Stephen Leeb, Don Coxe (BMO $538 billion), Rick Rule, James Turk, Egon von Greyerz and Gerald Celente are available now. Also, be sure to listen to other recent KWN interviews which included MEP Nigel Farage, Jean-Marie Eveillard, and Art Cashin (UBS $612 billion) by CLICKING HERE.
Eric King
Massive Short Covering & Buy Stops Triggered In Gold & Silver
On the heels of some wild trading in many key global markets, today acclaimed trader Dan Norcini told King World News, “Once gold took out $1,700, they set off the buy stops and generated more algorithm buying. All of the hedge funds that were selling gold and silver on Friday are now buying those contracts back.”
© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
November 6, 2012
