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Monthly Gold chart with overlaid Yen/$USD cross

-- Posted Thursday, 10 October 2013 | | Disqus

By It's a Mystery

In case there is any confusion at all on whether supply and demand play any role in the gold market “currently” this chart puts that to rest. Gold takes its marching orders from the Yen/$USD cross. That is undeniable based on this chart. 

April Armageddon

The chart above shows Yen/Dollar cross represented by FXY in candlestick format and Gold in the solid line. Notice that the Yen plunged against the dollar within a few short days of the end of Japan’s fiscal year. Gold just a few days later was forced lower by hundreds of dollars all at once. It is my belief that the BIS was behind this trade.  The selling that took place in April of 2013 was “official” selling and based on the evidence it had to do with this cross. Why? I cannot say.

What is vital for those in the gold community to understand is the relationship presented needs discussing at the highest levels. That means gold mining CEOs and fund managers. We aren’t witnessing anything other than official intervention in the gold sector. These aren’t hedge funds buying and selling. This is official buying and selling. No clearing firm would ever have allowed a hedge fund or group of them to do what was done in April. The risk associated with that volume of contracts would never be allowed.

Watch what comes next!


-- Posted Thursday, 10 October 2013 | Digg This Article | Source:

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