Andrew Hoffman, Miles Franklin, Released on 3/21/16
Gold’s “battle for $1,250” continues – just like the “battle for $1,200” before it; at which, the Cartel held the line on the $1,200/oz “line in the sand” for two weeks in mid-February, before it finally turned from (heavily naked shorted) resistance, to (heavily physical buying supported) support. To that end, it is now two weeks since $1,250 was first breached to the upside; after which, it has been “tested” nearly every day since – including the very days of the ECB’s “unexpected” QE explosion and the Fed’s equally “unexpected” dovishness. This morning, they’re at it again, in yet another last gasp attempt to avert “Economic Mother Nature’s” rapidly advancing, stronger than ever armies. To wit, on a night in which not a single market materially budged – from stocks, to bonds, base metals, the dollar, or even…silver – the Cartel executed their 136th “Sunday Night Sentiment” raid of the last 143 weekends; 614th “2:15 AM” attack of the past 709 trading days; and zillionth raid at the New York COMEX open.
Andrew (“Andy”) Hoffman, CFA joined Miles Franklin, one of America’s oldest, largest bullion dealers, in October 2011 and serves as Marketing Director. For a decade, he was a US-based buy-side and sell-side analyst, most notably as an II-ranked oil service analyst at Salomon Smith Barney from 1999 through 2005. Since 2002, his focus has been entirely on precious metals, and since 2006 has written free missives regarding gold, silver and macroeconomics. Prior to joining the company he spent five years working as an investor relations officer or consultant to numerous junior mining companies. Andy’s articles can be found on the Miles Franklin Blog, at www.milesfranklin.com.