I am traveling today/tomorrow, so no updates for the next 36 hours. I will answer emails on investing in Russian agriculture when I get back to Connecticut.
On another note, below is today's 24 hour gold chart. Gold is breaking upwards.
More blatantly obvious manipulation of gold prices
Below are two more gold charts from last week. Things to notice:
1) All the big spikes upwards happen when the London (physical) gold market is open.
2) All the downward movement happens after the COMEX (paper) gold market opens.
These charts show physical demand driving gold higher while the paper gold market desperately tries to force prices back down. Paper gold is losing.
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See my other entries on manipulation of gold on the COMEX for more info:
Increasingly Blatent Attempts to Suppress Gold Prices Are Evidence Of Desperation
Something Going Haywire In Gold Markets
Who shorted gold after fed's announcement last week?
How Governments Manipulate the Gold Market
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Category Cloud
Eric, What causes the price of "paper" (not physical) gold/silver to rise?
Wow you answered the question here and I missed it, the london market is a "physical" market. I just realized that.
Actually Eric, I'm still confused. So you're saying that the spot price of gold is both the physical price and the paper price(just at different times in the day). Here is the most important question: What makes the london market a "physical" market and not a "paper" market? Unless the london market trades nothing but physical gold, gives NO certificates and stores no gold for any of it's investors, it can't be considered a "physical" market. Honestly as much as I understand about banking(price fixing/credit) and naked short selling and how it brings the price of gold/silver down, I can't understand whether we should be expecting the spot price of gold/silver to shoot up higher or crash down like the stock market.
So my question is, what makes the london market a physical market?
Honestly, I can't believe the london market is a physical market. It can't be. It wouldn't be in the stock market if it were physical. It's rare to find a physical market in gold/silver. Even Ebay is NOT a physical market being that you order the gold/silver by mail and thus you get a paper promise(receipt) that you will recieve the gold/silver. In a time of credit collapse, these promises will be abandoned. people will be doing more hand to hand at the same time exchanges. More coin shops will have to open up because people will loose faith in promises to deliver. So if the london price is the price in the market where investors around the world can buy and not recieve the physical gold/silver at the same time the money is transfered(like in a coin shop) then the london market can not be considered physical. What exactly makes the london market a physical market?
Since I can't understand how the london market is a physical market my question remains: what causes the price of "london" gold/silver to rise?
You talk about what drives the price down(naked short selling) but you don't talk about what drives it up.
Also if the spot price is both the physical and the paper price just at different times of the day then where do you see the spot price going? Will it be a situation like when the "physical" market is open, the spot price for gold will be like $5,000/oz and when it closes and the paper price is open the spot price will be like $10/oz? Will there be that type of volitility in the market being that the spot price is both the physical and the paper price just at different times in the day?
Eric this is confusing. I really hope you do some research on this and explain it. We understand naked short selling and how it brings prices down but this whole London(physical market) and US(paper market) under the same spot price is confusing. Please explain.