RE:RE:Last RantSo let me try and understand. On Friday around 900 thousand folk in July, in America, got their jobs back at their resturant, because all the mask mandates etc. had been removed. This was seen as a tremendous boost to the US economy because we all know that indoor dining is what drives it.
And then on Sunday evening in Asia, at a very quiet trading time, the big western banks laid their trap. They knew from the big drop on Friday in gold price that it was vulnerable. So not happy with the money they had already made on their shorts of gold, they orchestrated a big gold dump, big enough to trigger stop losses. And since it was late Sunday in Europe and N America all the traders were asleep or passed out drunk, and the algos were in control. So when the price of gold fell, they did as told and sold. When gold fell more they sold more, being the obedient algos that they are. And when the price got low enough the banks swooped in and started buying the cheap gold the algos were selling. Covering their shorts at huge profit. Toronto Dominion admitted to making a killing. Other banks have been more discreet. And the losers were ordinary gold traders who left the algos in charge. Maybe there is a lesson there for them, but one they don't seem to learn since these manipulation dumps occur pretty regularly. But the traders probably don't care either. It isn't their money, and the little guys whose money it is have no control. I mean what are they going to do? Put their money into a nice safe GIC at 1%? About 5% below inflation. And the powers that be, if there even is such a thing, really could care less.
Thanks for the rant permission MM, it does make me feel better, when things are looking a little bleak.