continued selling in gold after yesterday's confirmation of a failure to take out overhead resistance near the 50 day moving average and its further retreat from psychological resistance at the $1700 level.
Today price once again fell below the 200 day moving average as the double whammy from long liquidation from short-term oriented bulls, in conjunction with fresh short selling from speculators, has overwhelmed bids coming from the swap dealers and bullion banks who are covering previoulsy established shorts up near the overhead resistance zone.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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