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So what's happening is that futures traders are highly leveraged and are losing their pants. So much so that they are raidng their gold stores so that they don't get called. This normally happens in a crash. Everybody panics. After they sell their gold, they sell their houses, and the price of houses comes down.

Gold is not a dog. It is the asset of last resort. The NASDAQ , S/P and Dow are going to fall greatly tonight. I had some US shares I sold in their overnight session, our afternoon, mostly even, some losses, and they are still falling. Looking at X.com which usually has people of moderate temperament ( I jest) is like looking at the last days of Rome in the stock threads. If there is one thing the Americans do well apart from importing brainy people it is panic. They are panicking atm. The panic will lead on to further selling.

The good thing about holding gold in $AUD is that as the $USD falls against us, the fall in gold is not as disastrous. As I predicted in earlier posts the POG will fall to $USD 2800 or even $USD 2500, that may be tonight or it may be next week. Who knows. When I made that prediction I felt it might happen over months but I hadn't reckoned on the Clown Emperor actually stuffing up international trade so comprehensively in one afternoon.

So it will get worse and gold will get sold off somewhat so that the dumb mothers who appear on TV shows and Youtubes telling you how smart they are at managing money do not end up working in McDonalds next week.

So just hang on as it is going to get interesting. Complicating matters is that the $USD is losing value fast against all currencies including the $AUD so that much of the fall in gold when we buy it is influenced by the fall in the $USD. So we won't be affected as gold holders in Australia as the poor bastards in the USA. Things are moving so fast, gold has dropped another $USD 21 I've had to change the attached charts, then I'll post this.

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gg