As we get ready to enter September, a former associate of George Soros says the “fix” is in.
Victor Sperandeo manages over $3 billion, has been in the business 45 years, and has worked with famous individuals such as Leon Cooperman and George Soros. Below is what Sperandeo had to say.
Eric King: “Victor, where is the gold market after what has been a powerful up-move so far this year?”
Victor Sperandeo: “Most of the gold and silver mining stocks went straight up. They performed incredibly well and so they got overbought. So did gold, but not as much…
Continue reading the Victor Sperandeo interview below…
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But the key is that gold is now in a waiting period or consolidation. That’s what the chart shows — an across the page consolidation. And the fundamental reason for that, because you always have a technical and a fundamental, is this constant talk by the Fed that they are going to raise rates.
The next Fed meeting is September 20 – 21. Every time the dollar sells off, and that’s happened three times now, the cockroaches from the FOMC (the Fed) come out and talk up the dollar and say that the market is underestimating the strength of the U.S. economy. Then the dollar rallies again and the cockroaches go away. (LAUGHTER). So it’s like the lights being turned on.
Don’t Believe The Fed Propaganda
My point is that gold is consolidating because the market is waiting to see if the Fed will raise rates or not. It’s been intimated by Fed officials that if the payroll numbers are strong that they are going to raise rates. I don’t believe any of that propaganda. Before the election, there is just no way the Fed will take a chance because they will be blamed even if something happens that has nothing to do with them raising rates.
The “Fix” Is In
So you can throw the next two Fed meetings out the window because they are not going to raise rates. The GDP forecasts have all been raised because the government is supposed to spend $250 billion this quarter. Last year at this time, they only spent $8 billion. In other words, the ‘fix’ is in.
This Will Have A Major Impact On The Gold & Silver Markets
But the critical thing in the short-term for the gold market will be the employment numbers that are being released this Friday. That will set the stage for the next move in gold and silver markets. And ahead of the election we should expect increased propaganda about how strong the U.S. economy is, so keep that in mind.”
***KWN has now released the extraordinary audio interview with 50-year veteran John Embry, where he discusses the big picture in the gold and silver markets, the coming global financial carnage and much more, CLICK HERE OR ON THE IMAGE BELOW.
***Also just released: Central Banks Buy Gold But They Are Also Buying Mining Shares CLICK HERE.
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