Gold down on massive COMEX selling

Gold is down $30 today because of massive selling on the COMEX on a day when illiquidity abounds.  Because the 4^th fell on Thursday, making for a four-day weekend, the manipulators took advantage of it.  Monday will be a significant day for both gold and stocks as investors reassess their outlooks.  The Dow Industrials are down 175 points as this is written.

A stronger than expected jobs report undoubtedly encouraged the manipulators.  The economy added a better-than-expected 224,000 jobs in June.  Job growth has averaged 172,000 per month this year.

Yet a Fed rate cut later this month is anticipated by most Fed followers.  Too many signs of economic recession, not only in the US but worldwide, for the Fed to ignore.  Additionally, the President continues to hammer the Fed with his tweets.

“China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games – as they have for many years!”

If we go down the road to still looser monetary policies (and we most likely will), gold and silver will respond with higher prices, regardless of what the manipulators do.

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