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Gold plunges under mysterious circumstances similar to a week ago

(USAGOLD – April 23, 2019) – Gold plunged this morning falling below the $1275 support zone to trade at $1269 – down $6 on the day.  Silver is down 22¢ at $14.81.  Once again the sharp drop occurred in the absence of significant news, at the COMEX open, involving roughly the same volume (a little over $1.5 billion in notional paper gold) and exactly one-week to the hour from the last paper dump April 16th.  We note also that the dollar moved sharply to the upside at the precisely the same moment.

Last time around, we first blamed one or more algo-based trading systems – institutional short sellers attempting to take advantage of a quiet, thinly-traded gold market. We then settled a few days later on the more likely possibility of a paper sale connected to Venezuela’s liquidation of bullion reserves.  Whether or not we will repeat the same sequence this time around remains to be seen. We must admit though to starting out in the same place we did a week ago – in a complete quandary.  Please stay tuned for further updates if more information surfaces.

Above: Chart of the COMEX open, April 16, 2019, with volumes just after the open.
Below:  Chart of the COMEX open, April 23, 2019, with volumes just after the open.

Quote of the Day
“Why does the cycle move as it does? What causes these periodic alternations, this ebb and this flow, in the national priorities? If it is a genuine cycle, the explanation must be primarily internal. Each phase must flow out of the conditions – and contradictions – of the phase before and then itself prepare the way for the next recurrence. A true cycle is self-generating. It cannot be determined, short of catastrophe, by external events. Wars, depressions, inflations may heighten or complicate moods, but the cycle itself rolls on, self-contained, self-sufficient and autonomous. . .The roots of cyclical self sufficiencylies deep in the natural life of humanity. There is a cyclical pattern in organic nature — in the tides, in the seasons, in night and day, in the systole and diastole of the human heart.” – Arthur M. Schlesinger, Jr., The Cycles of American History

Chart of the Day

Chart note: National security advisor John Bolton recently focused attention on the national debt saying that it was “a threat to the society.” The national debt now stands at over $22 trillion and nearly $1.5 trillion was added in 2018. “And that kind of threat,” he added, “ultimately has a national security consequence for it.” An obvious consequence is that interest payments eat up what might otherwise be spent on the national defense. Perhaps that is what has Mr. Bolton worried. As you can see in this final chart of our series on the national debt, there is a strong relationship between growth in the national debt and gold – one that goes all the way back to the early 1970s.

Live London Gold News Wire
10 to 15 minutes old
www.usagold.com --LIVE NEWS--
15 to 30 minutes old
www.usagold.com --LIVE NEWS--
Gold and Silver Give Traders Another Buying Opportunity14:23
The Market Oracle - The Market Oracle
1 to 2 hours old
www.usagold.com --LIVE NEWS--
Masochism and the Average Gold Investor13:35
Gold Mining CFO: The Days Of Easy Money Are Gone13:10
Kitco - News Bites
2 to 4 hours old
www.usagold.com --LIVE NEWS--
Gold: Seasonality Bearish, Futures Turning Bullish12:47
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Afrika Gold AG: Update on Afrika Gold AG and Lancaster Mine12:33
Good Exploration Results Will Bring Investors Back To Gold Sector – Rob McEwen11:45
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Gold: A Huge Relief Rally Is Imminent11:17
Investing.com - Commodities
Paris to decide fate of Russia-Canada gold mine in French Guiana11:06
Mining.com - Gold
New Barrick Gold Chief Looks to End Tanzania Dispute11:05
The Wall Street Journal - Natural Resources
Spring Has Arrived. Will Gold Also Bloom?10:50
4 to 6 hours old
www.usagold.com --LIVE NEWS--
Gold moves lower but bouncing a little. Dollar rise helps push the precious metal lower.10:43
Gold, Silver Prices Sink To 4-Mo. Lows On Strong Dollar, U.S. Equities10:29
Kitco - News Bites
Gold Hits Lowest Level Since December10:20
The Wall Street Journal - Today's Paper - Asia
Gold falls to four-month low on firm dollar, risk sentiment10:11
COMMODITY REPORT: Gold Price Forecast: 23 April 2019 - Where Next For Prices? [Video]10:11
FXstreet - Latest Analysis
Gold falls ₹100 on muted demand, weak global trend09:49
The Hindu - Business
Agnico bets on high grade gold as it digs in Canada's remote north09:38
Reuters.co.uk - Regulatory News
Agnico bets on high grade gold as it digs in Canada's remote north09:33
Reuters - Company News
6 to 8 hours old
www.usagold.com --LIVE NEWS--
Spring Has Arrived. Will Gold also Bloom?08:43
Gold’s near term outlook bearish but prices may top $1,320 by June08:41
The Economic Times - Market
U.S. New Home Sales Rise 4.2% Has Little Impact On Gold Prices08:28
Kitco - News Bites
Gold, Silver Prices Pressured To 4-Mo. Lows By Strong U.S. Dollar08:28
Kitco - News Bites
Gold Mining: The Real Reason Raising Money is So Hard08:28
Kitco - News Bites
Dollar Surges Broadly on Earning Optimism, Gold Extends Decline08:19
Action Forex - Action Insight
Gold Prices Fall as Earnings Boost Risk Sentiment07:51
Investing.com UK - Commodities
Gold retreats on strong stocks; Iran sanction worries lend support07:48
Gold Prices Fall as Earnings Boost Risk Sentiment07:41
Investing.com - Commodities
Gold Price Outlook: Gold Prices Break Down to Fresh 2019 Lows07:12
Daily FX
UBS AG (EPT) : Form 8.5 (EPT/RI) - Sibanye Gold Ltd Replacement07:11
InvestEgate (Company Announcements) - Trade
Armenia Police to launch criminal investigation against demonstrators blocking roads to Amulsar gold mine07:11
News.am - Economics
Trans-Siberian Gold wins new license07:09
Master Investor - Latest
Gold Market Struggles Set To Continue07:04
Investing.com - Commodities
Gold extends decline on Dollar strength, heading towards 1234 fibonacci level07:03
Action Forex - Live Comments
Gold futures settle lower06:59
Bernama - Malaysian National News Agency - Markets
Mitsubishi: 'Medium- To Longer-Term Conditions For Gold Are Still Favorable'06:57
Kitco - News Bites
Earlier Today
www.usagold.com --LIVE NEWS--
Spring Has Arrived, Will Gold also Bloom?06:49
FXstreet - Latest Analysis
Gold Plunges Towards Key Technical Level After $1.5 Billion Notional Dump06:48
Zero Hedge (Weblog)
Can Gold Rise Without A Rate Cut?06:48
The Hunger For Muni Bonds (And Gold!) Is Real06:48
Russia’s 2019 Gold Rush Continues: Buys 600,000 Ounces Of Gold In March06:48
Global Gold Nanoparticles Market Analysis, Size, Share, Growth, Trends, and Until 202606:45
UKPRwire (Press Release) - News
IronRidge granted exploration licence for Côte d'Ivoire gold project06:29
Mining Weekly - Americas
Gold Prices Sink To 4-Mo. Low On Scant Risk Aversion06:26
Kitco - News Bites
Laneway reports first gold pour at Agate Creek project in North Queensland06:25
Vast Resources plc : Result of General Meeting & Completion of Sale of Gold Assets06:20
InvestEgate (Company Announcements) - Trade
Gold prices fall by Rs 100 today; key reasons06:20
The Financial Express - Commodities
Precious Metals Update Video: June gold contract swing lines..06:20
Vast wraps up sale of Zim gold assets06:19
Mining Weekly - Americas