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In today’s daily, I point out that the Fed has surrendered a lot of their gold in order to hold down the price.  You do realize that this is a ploy that can’t go on forever.  Not with the massive buying coming out of China and India, as highlighted today by our own Andy Hoffman.  Their goal is to discourage YOU from buying gold and hope instead that you will invest in the stock market and purchase U.S. Treasuries.  But you know better, at least I hope you do by now.

Rick Ackerman says, “If trader can push Gold above $1,370 today, it will be bullish.  It is an important inflection point.”  Ed Steer says, “It should be an interesting day for all four precious metals today and to be ready for anything.”

Ted Butler wrote:

It’s only because JPMorgan is so smart, powerful…and adept at manipulating markets…that they have been able to amass such a large gold long and small short silver position. The truth is maybe they can add more to the gold long and reduce the silver short position with still lower manipulated prices, but we have to be in the terminal phase of this operation in terms of gauging how many more sellers can be lured in at this point. There is a limit to such engineered speculative selling. Therefore, since JPM is running out of road as to how much more gold and silver they can buy before we reach the resolution, it is no exaggeration to say that we are running out of time in which to buy cheap silver…and gold.

Butler Research, June 15, 2013

I know, it is discouraging, all of this back and forth in a narrow trading range, with the threat of a further fall hanging over our head.  It’s even discouraging to me; but such is life.  But more and more top analysts are coming out with their belief that we are either at or very near the bottom.

The following 3-year weekly charts on gold and silver scream BOTTOM! BOTTOM!

Ed Steer wrote:

Not only are we at the bottom of the barrel in price terms…and in the Comex futures market as well…but it is more than obvious when one looks at the 3-year weekly charts for both metals.  As Ted said on the phone yesterday…a major low is being set.

$Gold 6-18-13

$Silver 6-18-13

Both these charts are courtesy of JPMorgan et al…as there is nothing free market about either of them.  The MACD and RSI traces are at lows probably never seen before…and both metals are well below their respective 200-day moving averages…and are probably the most oversold in the history of either metal, certainly going back over a decade.
-Ed Steer, Casey Research, June 19 2013