Is EXK falling due to concerns over Mexico's taxation plans? Is it Louise Yamada's call today that commodities including metals are technically looking like they are ready for a fall? Is it the dollar screaming higher today even though consumer confidence was reported today to be crashing?
But tomorrow's FOMC announcement will likely be a market mover. I can only HOPE their myopic announcement pushes EXK back up. And then in one week we have the NFP number which should ignite some fireworks! It never ends.....until it does!
It's almost all manipulation going into FOMC. There's no question this time - no taper and it's not the dollar, but consider our global trading partners in which they (currencies ) are now transferring funds for real estate transactions within rate exchanges. This is the main vocal point along with trade with currency pairing. Thus, the banks want to keep a hold on gold as they are trying to make 200 DMAs a concern. Also the Euro/US Dollar compared to US T yields are at their highest going back to 2004. Manipulation can change on a dime and it will when banks finish their business.
To make this not confusing, the dollar DRY index is up, but that's not the problem within itself. Some US data is making gold nervous, but that's a joke. Lots of M&A activity on the other hand is being traded in flowing rates and unless there's a solid foundation of other trade, we will see days like today. It's still manipulation on gold, but again. that will change when banks finish their business. It's important to note that banks control 40% of the currency market and 40% is controlled by banking associates. Banking associations are transferring funds - and of course banks profit with both the transactions and investments as well as having benefiting currency positions.