Thursday, October 16, 2008

7:10AM PDST GOLD TAKES BIG HIT ON BIG VOLUME


Gold gets hit big time out of the blue, unrelated
to the other markets which are trading normally.
Obviously, the "powers" decided that gold was too
high and needed to try to obliterate it to eliminate any
alternative to their paper money scheme.
So far gold is holding above 79350 and is climbing up
slowly with one minor pullback. Volume is not fantastic.
Down volume for the big hit was about 32,000 contracts
between 6:30am and 6:50am pdst, which is very substantial
volume and indicative of large sellers rather than a lot of
little sellers. Gold went down so fast that it is obvious that
some very big sellers ran the stops and cleaned house, then
covered those shorts at the bottom.