![]() Likely all the market action is forced by this reality and the banks and whoever else is more then willing to make a fortune and call it their patriotic duty or "GOD's" work if you prefer. Their opposition is not so much for economic reasons, but geopolitical necessity. Gold is the anti dollar and the best weapon the Chinese have against the Americans and their massive advantage of the reserve currency and unlimited dollar creation. The west is likely caught and Obama is hoping to talk his way out of a major confrontation with the Chinese over US money printing. ![]() Then we had the G-7 meeting hastily called in the early part of May in London. This action may have blown out Chinese stop losses and forced their liquidations(pure conjecture on my part). That type of selling is only done to manipulate market price, a normal sale would not draw the best price under these circumstances. This type of action should it occur without approval in any market would certainly draw the attention of CFTC regulators. The amount was so large that it is hard to believe it didn't have central bank backing, due to it's scale and timing in after hours thinly traded markets. Then in April there was a huge sell off on the Comex of paper gold. ![]() They followed that up by going on a tear, and buying gold on a massive scale. For sure these topic will be discussed, but I have a different theory about the urgency and main topic of the summit, GOLD.Ĭhina snub the US last fall by sending a low level diplomat to the talks in Japan following the FED's QE to infinity announcement in September. Look back over the past year and you will find lot's of military deployments by the US in Asia and the responses by the Chinese that include an incursion into India and increase rhetoric toward Japan, the Philippines and Taiwan. Certainly these are all important issues, but one has to wonder why any of these issues would prompt a face to face meeting between the two leaders being moved up in date by months and the odd circumstances around the meeting being held in California and not in DC with ordinary large delegations. From territorial disputes in Asia and the Chinese backing of Iran that is frustrating to the Obama administration, to copy right infringements and cyber security. There is are plethora of issues that are being mentioned. News is bubbling out about the June 7-8, 2013 summit in California, between Chinese President Xi Jinping and United States President Barrack Obama.
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