Monday, August 26, 2013

BIS and central banks try 8 times in 16 hours to keep gold down below $1400

When the Asian markets opened yesterday afternoon, gold futures shot through the $1400 resistance, only to be crushed in a short period of time by the Bank of International Settlements (BIS).  The BIS is the ‘bank of central banks’, which controls currency swaps between nations, and regulates many monetary practices differing nations enact.
Then over the next 16 hours, leading into the afternoon trading session of the U.S. markets, gold sellers finally capitulated as after eight attempts to drive down the precious metal every time it reached the penultimate resistance level, gold shot through the $1400 ceiling and rose to just short of $1405.


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