UPDATE: Where are the sellers? In NYMEX, of course. Here’s the chart, courtesy of Kitco:
Now I’m not one that dwells much on manipulation conspiracy theories, the type that keeps the tinfoilhat brigade awake at night with their righteous indignation attacks, but it’s pretty clear that New York is trying to keep a cap on gold at the moment and does it via early session sales when NYMEX opens. In today’s case gold rallied to 1365 overnight on world markets, but NYMEX opens and it gets pounded back down to the 1350 level, cutting off the rally.
Yes, the PM markets are manipulated. Of course they are, so stop your freakin’ whining, get used to the idea and allow the artificial moves to make you money, not just give you a dumbass fist-waving opportunity.