Sunday, July 27, 2014

Central Planners Can Only Push Gold Lower for so Long

This buying of physical metal explains why gold and silver bounced up off their support so quickly, Eric. The central planners can only push the short side so far, and their agents in the select bullion banks that trade for them know when to cover. These guys all know their limits, but we will continue to get the anti-gold propaganda.

For example, the media was quick to tell everyone last week that Goldman Sachs is keeping their year-end gold price target at $1,050. That ‘news’ - coming as it did right after last week’s price slam - probably scared some people and kept them from buying physical metal at those good prices when gold and silver were testing support.

Putting aside the propaganda, we have to remember that these attacks on gold and silver don’t always work. And some - like this last one - are short lived. So if you had money on the sidelines waiting to buy and blinked, you missed the low. It’s another reason why I always recommend accumulating gold on a regular basis rather than trying to trade it.

- Source, James Turk via King World News

Like this post? Subscribe to our free gold and silver newsletter