5:19 pm (Hawaii) The CME mafia did what they do best: try to cripple markets that would work just fine without them.
Today, at around 2 pm Eastern, the CME (Comex) Group put out a margin requirement hike of 22% on gold. It wasn't a shock. Talking heads brought up the probability in the past few days. Gartman and another guy couldn't stop talking gold into the mud. Gartman's a smart dude, but he came across today as a whiner who had sold gold too early. That's actually true. He's sold gold twice in the past few weeks.
So what happens now? Spot still shot up as high as 1816 after hours. After some profit-taking, it's now it's at 1789 in Asia, having bounced off 1780. That's right — Hong Kong, Tokyo and Sydney don't give a flying fuck about you, CME bitches. Keep bringing the margin hikes. You know people are going to buy and buy whether its with fiat or margin. I don't trade on margin, so I won't be worrying about that crap anyway.
It's just preposterous how Gartman takes the soap opera box and insists that gold "must" be contained through margin hikes. Is he for real? Gold has shot up a lot in the past week, but in orderly fashion. The price had been suppressed for decades due to numbskull monetary decisions. But now that it's free, dunderheads like Gartman who unload half their gold think it's necessary to manipulate the market?
The most pathetic thing is that he and other talking heads keep repeating their obnoxious stories about hearing working people talk about buying gold. "That's when I know it's time to get out." Working people have bought and traded gold before. Maybe they didn't talk about it. But it's pretty lame to see this superiority complex of these "experts". Pompous asses, indeed.
Well, I give him and the other doodooboys this: they can get more gold bullion cheaper now. Gartman can get "long of gold" again soon. Or maybe he and the other barking seals can keep bitching, keep insisting that the CME needs to do more. Maybe he just wants more yellow metal at 1700. Or 1600. Give Gartman a seat on Fast Money and he turns it into a bully pulpit. He rambles about owning "the boring stocks." So why is he on the desk? He's better as a guest. Far better.
Looks like Asia might take spot price back up above 1800. CME mafia whacked silver with five margin hikes in nine days back in early May. My guess is they'll use at least three margin hikes on gold. It won't matter. Central banks. Grandma and Grandpa in Shanghai. Waitress in Budapest. Guy sitting next to the beach in Hawaii. We all will get all the gold we can and there's nothing that can stop us. That's the power of REAL MONEY.
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