Peter Grandich on gold manipulationGold- The Rodney Dangerfield...

Peter Grandich on gold manipulation

Gold- The Rodney Dangerfield Asset of The 21st Century

Posted: 10 Apr 2013 08:04 PM PDT



If gold could speak it would say this

I’m celebrating my 30th year in and around the financial arena and I can honestly say I never see any investment known to mankind that has done as well as it has for over a decade, yet command little or no respect from the masses.

Let me go one step further now and say that while I always have been a supporter of GATA, I’ve respectfully disagreed with Bill Murphy and Chris Powell on the severity and the consistency they felt gold was manipulation……. BUT NO MORE!!!

I half-joke when I made this post. But just from a mathematical standpoint, what are the odds that so many one-day rallies are never ever followed by a decent upday? Even in the worse of bear markets, a two day rebound is quite common.

But then you see Goldman Sachs (which I use to call Gold-down Sachs but now shall be called No-Gold Sachs until further notice) not only issue negative gold report (remember, the last one a couple of months ago had an initial reaction but then has not gone the way they said it would), but now say short it. And as “luck” would have it (I think it goes way beyond luck), a story goes around that Cyprus is going to sell large quantities of gold (which this evening was reported to be totally false but damage already done) and a “pre-mature” FED meeting minutes suggests easing may come to an end (which is never, ever, ever going to happen because the FED has painted itself totally into the corner and knows the moment they stop the financial markets crater).

So the net result is gold is slammed again and the bears seem to be winning when in fact their attacks grow more desperate and don’t even last as long as the good old days.

Silver is showing some relative strength after some of the biggest oversold readings my work has ever shown.

I know it’s extremely painful and when you lump in the disaster of junior resource stocks it feels hopeless. But that’s exactly what the manipulators want because it’s them who have gotten ever more desperate and want to break gold’s back. We need to get above $1,620 before an all-clear signal can be given but a good start would be to see silver lead for a change and we recoup much of today’s loss back by weeks end.