Gold and Silver price movementssteemCreated with Sketch.

in gold •  7 years ago 

I want to tell you something about how gold and silver pricing works. You may have noticed that literally everyday from April of 2016 to September of 2017 gold and silver would trade upwards in the east and then get whacked at 9:30 New York time in a downwards direction. Then they would recover a little bit and resume upwards trading once New York closed at 4:00.
This is what I called the 9:30 gold whacking and it is more evidence of the gold and silver manipulation going on. When New York opened for trading, the banks would naked short sell gold and silver to force the price down. Then they would allow the price to rise a little bit while they covered the shorts in the afternoon and repeat the process the next day.
Why did the 9:30 gold whacking end in September 2017 you ask? I'll tell you!
Hong Kong opened a gold exchange that had dollar contracts and was open later than 9:30 New York time! When New York would open and whack the price down, Hong Kong had a London office and would buy the lower prices. You could literally see the price drop at 9:30 and then spring back and then climb higher when the shorts had to be covered at a loss. Eventually, the big banks stopped doing this. However, they now have an afternoon activity!
Hong Kong's office does close eventually, and the time when gold and silver get whacked has moved to later time, usually around 1pm New York time.
When ever you look at a daily chart for gold or silver you will see that the price dips every day at the same time and then recovers over night and this is why. If the east was able to have 24 hour gold trading, then there would be no time available for the naked shorting to occur successfully and this wouldn't happen at all.

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I doubt the banks are shorting metals... Who are the shorters? I assume they are the metal dealers hedging their positions. If someone sells a metal dealer 10 oz gold bar (s)he may want to short 10 oz at spot and when he sells the physical bar, then close the short postion and pocket the difference.

Nice commentary on market actions though. :)