London Trader - Sovereign Gold Buyers to Raise Their Bids

With many global investors still concerned about the price of gold and silver, today King World News interviewed the “London Trader” to get his take on these markets. Here is what the source had to say: “Every time they have conducted raids in the paper market they lose more and more physical gold and we work from a higher level in terms of price. Right now we have washed an awful lot of the hot, weak money out of the gold market.”

The London Trader continues:

“This is when you see things turn and the manipulators rip it to the upside. There are buy stops on the upside that are attractive for them to target at this point. Traders are also watching the US dollar now because tomorrow the Iranians are scheduled to start trading oil in currencies other than the dollar. This is clearly an attack on the dollar by the Iranians.

The Iranians are claiming the West saying Iran’s nuclear program is a threat is all nonsense. It’s merely an excuse because the US will threaten and attempt to take down any country which threatens the reserve currency status of the dollar -- the same way the US took down Saddam Hussein and Moammar Gadhafi.

In this type of environment, the only people placing bets for lower prices in gold are momentum traders. In the real world there is physical gold being carted away in bullion trucks because of the dip. More and more tonnage is disappearing.

Continue reading the London Trader interview

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