KING WORLD NEWS - BLOG
BROADCAST../../../../Broadcast/Broadcast.html../../../../Broadcast/Broadcast.htmlshapeimage_6_link_0
HOME../../../../King_World_News.html../../../../King_World_News.htmlshapeimage_13_link_0
BUSINESS../../../../Business.html../../../../Business.htmlshapeimage_14_link_0
GREEN../../../../Green.html../../../../Green.htmlshapeimage_15_link_0
HEALTH../../../../Health_1.html../../../../Health_1.htmlshapeimage_16_link_0
ENERGY../../../../Energy.html../../../../Energy.htmlshapeimage_17_link_0
SPORTS../../../../Sports.html../../../../Sports.htmlshapeimage_18_link_0
GOLD+../../../../Gold.html../../../../Gold.htmlshapeimage_21_link_0
 
 
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.html
KWN BLOGhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlshapeimage_24_link_0shapeimage_24_link_1

© 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 This material may not be published, broadcast,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.

Subscribe to RSS
CLICK HEREhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlshapeimage_27_link_0shapeimage_27_link_1
KWN Blog
Archiveshttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlshapeimage_28_link_0shapeimage_28_link_1

The London Trader continues:


“This is when you see things turn and the manipulators rip it to the upside.  There are buy stops on the upside that are attractive for them to target at this point.  Traders are also watching the US dollar now because tomorrow the Iranians are scheduled to start trading oil in currencies other than the dollar.  This is clearly an attack on the dollar by the Iranians.


The Iranians are claiming the West saying Iran’s nuclear program is a threat is all nonsense.  It’s merely an excuse because the US will threaten and attempt to take down any country which threatens the reserve currency status of the dollar -- the same way the US took down Saddam Hussein and Moammar Gadhafi.


In this type of environment, the only people placing bets for lower prices in gold are momentum traders.  In the real world there is physical gold being carted away in bullion trucks because of the dip.  More and more tonnage is disappearing. 


Continue reading the London Trader interview below...  




Advertisement


To hear the man with over 40 years of experience in the resource

markets and how he is positioning his clients to weather

the current financial storm click on the logo:






“I read this report the other day by one of the bullion banks which said they think that four or five tons of physical gold got delivered.  This is 100% false and complete propaganda.  We know of at least 50 tons that went on the first day of the intervention alone.  This propaganda from the bullion banks is out there because people are concerned the physical gold is disappearing.


So they put a low number on the physical off-take, but how is their propaganda any different than the German propaganda in 1944 which told their people they were winning the war?  The day of the intervention, they sold 600 tons of paper gold in the first four hours of the selloff.  


600 tons of paper gold went in four hours and you don’t think that 50 tons of that went to a central bank or a sovereign?  That was just the large buyers.  That 50 tons doesn’t even include the smaller players.


So there is a great deal of physical off-take occurring and now you have this enveloping horn of a dollar attack.  I don’t see how they can keep pressuring gold much longer in this environment.  I am convinced leased gold was used in the recent takedown in the gold market.  So that gold has to now be repurchased.


The 50 tons of physical gold taken on the 29th of last month was just the start of some very large drawdowns of physical metal.  The bullion banks also know there are stacks of orders from sovereigns at lower levels, so they have to be careful how they handle the tape here.  


For what it’s worth, those sovereign orders are looking to move to higher levels.  At the same time the bullion banks are harvesting the weak-handed COMEX players.  So if they have 10,000 contracts to cover into, they could care less if that costs them 5 tons of physical gold when they drop the price a bit.


This is why the bullion banks will probably counter sovereigns raising their bids by moving gold back above the 200 day moving average.  This would be done by the bullion banks to prevent those sovereign orders from being filled, even when they are raised. 


On a separate note, those that have been calling for gold to collapse to $1,200 are completely unaware of what is taking place in the physical market.  Who is going to sell it down to those levels?  Hypothetically, if it were to drop below $1,600, China would literally be buying hundreds of tons of gold.


Why would the West give China that gold at discounted prices?  Yes, the bullion banks act on behalf of the central banks to manipulate the price, they act as agents, but the central banks and their agents are also aware that the Chinese are building up their gold reserves.  This is the bigger picture which the gold bears do not understand.”


© 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.


Eric King

KingWorldNews.com

To return to BLOG click here.

 
http://www.kingworldnews.com/kingworldnews/Broadcast/Broadcast.html