LONDON (Reuters) – Gold fell below $930 per ounce on Thursday as the dollar rose versus a basket of six currencies after a larger than expected dip in U.S. non-farm payrolls, which prompted some buying of the currency as a haven from risk.

Why on earth would the US Dollar rise and gold fall on such a miserable (and much worse than expected) jobs report this morning?
I don’t think Reuters understand it either because everyday they have a different reason as to why they think gold is up or down. And what makes gold go up or down today can have the opposite effect tomorrow.
If these media people understood the gold/silver manipulation and who’s doing it and for what reasons, they wouldn’t be writing all this garbage and looking like idiots.
Unfortunately, the CFTC will likely never do anything about the Gold/Silver manipulation because it’s their boss that’s the manipulator!
The only commodities manipulation the CFTC is interested in dealing with is if a commodity is rising too fast. Than they start looking under rocks for manipulation. But if a commodity if falling than that’s normal and just the way it is, and there can’t possibly be any manipulation here attitude.
Page 39 of this Gold Report says it all. No more proof needed. All the anti-gold people of the past are part of the current Obama administration.
What happened to all those promises of transparency and full compliancy with requests under the freedom of informatioin act?
The only transparency and information we’re going to get is what they want us to see and hear and even than, take that with a grain of salt.

Peter, I am in upper Western Wa. near BC and there is a huge difference in the economy, prices, values to name a few areas, to the same indices in the lower southeastern part of the U S. It seems it is almost unaffected in the pacific northwest. Is it the Canadian influence? Since you are up here quite often have you noticed it ? Is this area going to be the victim of a rude awakening ? or what ?

Perhaps people will recall Marty Zweig’s 9:1 Volume Indicator that was mentioned a while back in March or so? It goes like this for Up or Down markets.

9:1 Volume days on the NYSE (Either Up Or Down) are relatively rare occurances. When you have ‘One’ it’s a clue that the trend is in force or there could be a change of market direction. That occurred in early March, and then there was a string of four in short order. According to Martin Zweig’s studies, whenever there is a string of three Upside volume days of 9:1 or more in a short period of time, it has infallibly called a Bull Market inforce. So what is a bull market? At least a 20% rise should be expected from the indicator, and we’ve had it and more, maybe as much as 40%. So it was a good run.

But things have changed since then. On June 15th & June 22nd the NYSE had down days with volume running 9:1. Today is the third down day with downside volume exceeding 9:1 (Assuming we close this way), completing a string of 9:1 Downside days that has a high probability
of predicting that the trend has turned down again.

If you look at the S&P 500, you’ll see what looks like a top that has been forming for the past couple of months. It’s not big, but a close of the S&P 500 below 880 would suggest that the top is in, especially considering the string of 9:1 Downside Volume days. Then there may be a short term move up to test the top as resistance.

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But what about Gold? Believe me, when I say that I’m wrong more than I’m right, but the trick is to keep the errors manageable which sometimes I fail to do.

As far as Gold goes, there’s no way that the longer term chart pattern can be anything but bullish. There are two possibilities and the first is the stronger in my opinion.

Regardless of what it’s called, this is a continuation pattern that has formed over the past 16 mos. It’s coming to a conclusion quite soon and Gold may hold above the low of June 23rd.

If it goes lower, then it wants to form a Symmetrical Triangle which should hold at $885 – $880. I really doubt that Gold would go any lower.

Which ever it’s going to be, you don’t want to jump ship because anything could cross the news wire at any moment, something that no one ever expected. So either way, a test of the June 23rd low or a fall to $885 ish, there’s little downside risk.
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The Major Mining Shares hold uncertainty in my opinion because I don’t like general equities (The Cursed Brethren) for some of the reasons just explained. When the Margin Man calls, the best goes out first.

The Major mining indices are performing relatively well today, and I hope that this posting doesn’t influence anyone because I simply don’t know how they will behave in the coming weeks. Have we started the Third Wave up and is this pullback a prelude to the powerful ‘Third Wave Of The Third Wave’? -OR- Did the ‘First Wave’ end in early June?

So here I sit, fiddling with 15 Minute charts, counting waves, watching indicators, and it seems that this short term Major Mining issue pullback is coming to an end quite soon.

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So no body really knows for sure, and that brings us to planning which is something that I have failed to do in the past. My solution? A 50% exposure to Precious Metals related investments and 50% cash. So back to the indicators, 15 minute interval charts, and wave counts. One thing seems sure, the next mobve soon will be 100% invested, and it should be for a long time.

Roger.