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The market closed at $1,199.40.  THAT IS WHAT YOU CALL “PAINTING THE TAPE.”
The cartel worked very hard to insure that gold would close BELOW $1,200.  They are wasting their time!
Today was one of the busiest days we have had at Miles Franklin in months.  All of our orders were “sell” orders and we didn’t have a single “buy” order.  Maybe all of my writing is hitting home the point that we are in a Primary Bull Market in gold and you buy-the-dips.
I spoke to our largest supplier this afternoon.  They provide over 60% of all of the Canadian and US Mint bullion to the US market.  He told me that they did not have a single buy back today either.
When you get a downward push, by the bullion banks, and the mindless hedge funds tag along, then this is what happens.  It should reverse quickly; my guess is by no later than the middle of next week.
I will be taking a long Fourth of July weekend starting now.  The next daily will be in your inbox on Tuesday.  To all – Happy Fourth!
“What man makes, man can destroy. The value or purchasing power of the dollar (fiat currency) can collapse. But gold cannot be devalued, because it’s not beholden to any man or any sovereign government. Gold’s value is based on 6,000 years of history, and its value lies outside the system. The US Treasury now values its gold as $42.20 an ounce. The world doesn’t give a damn what the US Treasury values its gold at. The world is saying that an ounce of gold is worth $1250 dollars, and the hell with the gold-haters.”
… Richard Russell