Attacks on gold past two days. . .

OPINION

. . . began at 10:00 pm Mountain Time both days with both the yen and gold dropping significantly, as shown in the first chart, a yen/gold overlay. Keep in mind that the yen is quoted in yen per dollar – a rising trend line coincides with a drop in the yen’s value against the dollar.  This looks like algo-based program trading, or some other planned intervention, designed to bring about an intended result. It is occurring long after the COMEX close and well before its open and during Tokyo trading hours while the TOCOM is open.

The second chart on the Chinese yuan shows a similar predisposition.  Keep in mind that China recently gave tacit permission to offshore traders to short the yuan. (Wall Street Journal article “China Acts to Cool Resurgent Yuan” – 9/11/2017) Once again, the yuan is quoted yuan/dollar so the chart appears inverse. In both instances, yesterday and today, the yuan was appreciating at 22:00 then suddenly turned around.   – MK

 

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