Robert Appel: Technical analysis is just a weapon against the gold market
8:25a ET Tuesday, February 23, 2016
Dear Friend of GATA and Gold:
Profit Confidential editor Robert Appel writes this week that the manipulation of the gold market by central banks is obvious and that such rigging turns ordinary technical analysis into a weapon against that market.
The manipulation, Appel writes, "represents a coordinated series of attacks on multiple fronts over a period of years, is funded by institutions that can print money at will, incorporates a major 'psy-op' component designed to both capture and hold the attention of the mo-mo crowd, and is backstopped by legislation that not only exempts the chief operators from the rule of law but (typically) can actually make life unpleasant for those who question the status quo."
He adds: "If a person or persons unknown enter the market with overpowering 'blunt-force trades' -- backed by the ability to create infinite money at will and with immunity from prosecution -- then the potential exists to deliberately move prices to 'known' inflection points that are religiously followed by traders around the world -- traders who, for whatever reason, have yet to conclude they are being 'gamed.' In effect, under such a scenario, technical analysis morphs from tool to weapon, and the weapon, ironically, has the greatest impact on those who are most addicted to the tool."
Appel's commentary is headlined "If This Happens Gold Mining Stocks Could Skyrocket" and it's posted at Profit Confidential here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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