Gold, page-2153

Joe

"It was the Comex thrashing 2013, Shanghai dump mid 2015 and now the US thanksgiving smashing all common theme through important support levels. There is a message there that the bears are in total control."

I think that the real message is that the bulls have no fire power.

If there was strong underlying buying appetite, the price of gold should have recovered quickly as opportunists snapped up the bargains. But this didn't happen.

I am puzzled by the perception on HC that the PoG is being driven down by shorting. I don't see that at all. The World Gold Council data clearly indicates over supply. So every time impatient longs dump, there is no sustained recovery and the PoG settles at a lower level from which the new buyers hope they can make money.