With the price of gold nearing the $1,300 level in early trading, this is the reason why there was a panic to push the price of gold lower today.
Gold So Close!
By Andrew Adams, at Raymond James
June 7 (King World News) – Finally, gold has been on a bit of a tear lately to rocket back up close to $1300, and if it can just get over $1310 or so, it should have a good chance to once again challenge its highs from last July…
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The metal broke through a more aggressively drawn resistance line already this week and now must meet the challenge of a few more resistance zones.
Gold bugs have tried to be patient with it these last few months and are hoping they are rewarded with a new breakout.
King World News note: That is why the price of gold was pushed lower today. If the price of gold takes out the $1,300 – $1,310 resistance zone, it will indicate a massive breakout is underway. And as Adams correctly pointed out, that would trigger:
“…if it (gold) can just get over $1310 or so, it should have a good chance to once again challenge its highs from last July.”
KWN note continues: So, yes, if that major breakout would have unfolded today, it would have opened the door for the price of gold to challenge the highs near $1,380 from July. Rigging markets takes a great deal of time and work in the paper markets, just ask the Federal Reserve, which operates a massive trading room. As Chris Powell noted:
“The Federal Reserve Bank of New York operates a massive trading room executing transactions for itself and the Treasury Department that are not individually disclosed. …Most of the Fed’s gold transaction records are secret.”
KWN note continues: The problem that the Federal Reserve, Bank for International Settlements (BIS), and other Western central banks now face is that the secular bull market in gold is reasserting itself. What this means is that the price of gold will eventually take out the old high of $1,920. But during the entire move to new all-time highs, the Federal Reserve, BIS, and their Western central bank and bullion banks allies will fight what they believe will be an organized retreat, specifically designed to confuse the public and keep them out of the gold market. Their efforts will fail and the gold market will have its revenge.
KWN has now released the remarkable audio interview with Gerald Celente and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: One Of The Greats Says Gold & Silver Are Poised For Major Bullish Advances CLICK HERE.
The fascinating KWN audio interview with James Turk has now been released and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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