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Dave Kranzler: Gold and silver victimized by paper games
By Dave Kranzler
Investment Research Dynamics, Denver
Friday, January 8, 2021
Gold and silver gave precious metals bulls a harrowing ride on the “down” price elevator today, as gold had as much as $82 removed from its price and silver was hammered as much as 10%.
However, make no mistake, the bulk of the selloff occurred in the paper derivative markets of London and New York. A graphic posted with this report shows Comex February paper gold over the last 24 hours.
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Very little if any physical gold transacted in institutional size during this price ambush. The selloff did not start until after the Asian physical markets had closed for the weekend and London was open.
The first big push below $1,900 didn’t start until 3 .m. The next leg down -- from $1,890 to $1,827 -- occurred after the Comex floor opened. This was a pure paper market endeavor. ...
... For the remainder of the analysis:
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