from The Daily Bell:
Gold Losing Appeal for Investors Retreating From Rally … ‘People don’t believe in the gold rally,’ Holmes says. Investors are growing more skeptical of gold’s lasting luster. Hedge funds and other speculators cut their wagers on a bullion rally for the fourth time in five weeks. As traders tire, the metal’s 30-day historical volatility has dropped to the lowest since November. Open interest is also on the decline. – Bloomberg
Here comes Bloomberg telling us gold (and silver) are moving down.
That’s the implication anyway. Bloomberg rarely has something good to say about precious metals. The news service represents and endorses a technocratic version of the world.
Bloomberg’s vision is one of a world run by vast corporate interests and controlled by an elite group of bankers. These individuals manipulate money and commerce as they wish. Gold and silver only interfere with their control.
After stunning gains to start the year, bullion has started to lose its momentum. Prices are down about 1 percent in August as the U.S. economy picks up steam, damping demand for a haven.
American payrolls surged in July and wages climbed, pointing to renewed optimism that the jobs market will sustain consumer spending in the second half of 2016.
“People don’t believe in the gold rally,” said Frank Holmes, who oversees about $700 million as chief executive officer of U.S. Global Investors in San Antonio, Texas. “You can see this last dip in gold, the employment numbers are so good. When there is good economic data out, rates rise and the price of gold goes down.”
This argument is based on a “recovery” in the US economy. But there is a good deal of dissension about this so-called recovery.
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