Wednesday, July 11, 2007

It's 8AM: Do You Know What Your Comex Rat Bastid Is Up To?

The chart is simple. It is an hourly chart of Gold going back to the June high around 673. Included are the Fibonacci Lines corresponding to the high and low for the period shown. Please click on the chart to enlarge. The little red circles indicate Comex Rat Bastid Bear Raids at 8AM throughout the month that followed, and through today. There are 15 of them. Notice how many appear at the Fib Lines? Yes, I agree, it's criminal...but what if nobody sold to these jackasses when they pull these stunts?

Just an observation...just a thought.

The BoJ interest rate announcement nears... The US Dollar catches a bid in anticipation of a rate increase that I believe will not come until August at the earliest. Should the BoJ remain on hold, the Dollar might possibly shrivel up and die... It must be miserable to be a US Dollar. Should the BoJ raise, reactions may not be as fierce as one might think. A lot of the downside in June was because of Japanese officials trying to "talk" the yen higher and those fearing "the unwinding of the yen carry trade" foolishly exiting their Gold positions. A rising yen, just like a rising Yuan in China, ultimately will be bad for the already foul US Dollar. And besides...the Yen would still have a rate of less than 1%...and still be the cheapest carry trade around... Blah, blah, blah...go look at yesterday's Monthly Gold chart again...

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