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'Never has a big down day looked better,' but the mainstream media won't tell you
10:23a ET Saturday, July 6, 2019
Dear Friend of GATA and Gold:
At mid-morning Friday your secretary/treasurer noticed that despite the market opening's $30 pounding in the gold price, gold and the gold mining shares were turning upward, and by the end of the day your secretary/treasurer was nearly amazed that the gold price had clawed back to $1,400 and the shares had finished down only 1%.
It was almost like Tuesday's remarkable recovery after Monday's pounding.
A few years ago the gold price and the shares would have required months to recover from such poundings, even a pounding inflicted from such a distorted and misleading federal jobs report as was announced Friday.
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But as far as your secretary/treasurer can tell, there was no commentary Friday night about the remarkable recovery of gold and the shares except in GATA Chairman Bill Murphy's daily "Midas" commentary at LeMetropoleCafe.com.
Murphy concluded: "What a day -- very positive in some regards. Gold has clawed its way back to $1,400, proving once again that major dips are to be bought. Even pitiful silver has recovered so close to $15.
"The best news was the shares, which stood their ground like champs. The XAU lost only 0.87 to 83.18 and the HUI fell only 1.69 to 193.01.
"We know the Gold Cartel is going to throw the kitchen sink at the gold and silver markets. This is what they do. Gold is very much rebelling against the totalitarians. Should the gold price take out $1,440, it is very likely to change the cabal's game plan.
"Fingers crossed that they are in as much trouble as it appears, after all these revolting, manipulative years.
"Supporting the trouble the bums might be in is the share action of the HUI and how it has refused to close its distinguished gap several times.
"Never has a big down day looked better."
In his Gold & Silver Digest letter for Saturday, GATA board member Ed Steer concurred: "That the precious metal equities came very close to finishing the Friday session unchanged, though their respective underlying metals were crushed, has to been seen as a huge positive. It certainly indicates, at least to me, that gold and silver stocks continue to be under serious accumulation by the strongest of hands, because everything that was sold in a panic at the 9:30 a.m. ET open was bought, plus a whole bunch more as the Friday trading session progressed."
Your secretary/treasurer avoids making predictions, except for sometimes respecting Orwell's vision of the future: "A boot stamping on a human face -- forever." That's what GATA is working against.
Our work would be easier if most of the people in the monetary metals mining industry cared about anything besides their own salaries and if mainstream financial news organizations had any journalistic integrity. But they don't, so, as Lee Strasburg's Hyman Roth scolds Al Pacino's Michael Corleone in "The Godfather, Part II": "This is the business we've chosen":
As always one must play the hand one is dealt.
But while GATA, Murphy's LeMetropoleCafe.com and Steer's Gold & Silver Digest letter are separate operations, the latter two being proprietary to Murphy and Steer, it is simply a matter of fact for your secretary/treasurer to acknowledge that there is seldom much daily commentary on the gold "market" that comes as close to what is really happening as those publications do.
Murphy's "cafe" offers a free two-week trial subscription here:
Steer's digest can be subscribed to here:
If you haven't checked them out already, please do it now. You're not likely to approach the truth about the "markets" through The Wall Street Journal or the Financial Times. Those news organizations know the "markets" are rigged and have been given the most compelling documentation but won't report it. They are bought and paid for by the people and institutions they purportedly are covering.
The real news is elsewhere.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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