(10-23-2014, 05:54 PM)Alkhara Wrote: The way it's looking we correct from 414 all the way down to ~350 before heading back up. Pretty crazy. How low do you think we will go?
I believe that Dr. Paul Craig Roberts said it best in his recent interview with Greg Hunter. He was discussing the Russian Ruble and the suddent drop, the largest drop in history, with a loss of 9.5% overnight. He's a smart guy. He was the former Assistant Secretary Treasurer under the Reagan Administration. He pointed out that Russian has a trade surplus, not an imbalance and that there are no reasons for the drop in terms of market pressures.
There is no reason for the drop in gold and silver other than manipulation and I agree with that.
What he also points out is that there is naked short selling going on to purposefully drive down the price of gold and silver, and that to drive down the price of the Russian Ruble overnight only to cause the largest influx into Bitcoin by Russians in history points to some interesting factors.
What he pointed out, and I believe there are commonalities with gold, silver, the ruble, and Bitcoin ....is that there has to be some play by people with no ties to profit or loss.
What that means is that in order to pull this off, loss is not a problem to them, and that would mean a couple of things potentially be it state run or sponsored activity or the Federal Reserve that just prints money out of thin air and in tern passes on interest to future debt slaves of America in this Wizard of Oz scenario. So if they can beat down gold, silver, and the ruble, why would the save possibilities not be at play with Bitcoin to drive people out of the markets or out of safe haven buying?
Do we even know who the whales are?
Like gold and silver being beat up, is there any explanation? How long can they beat down these currencies? I would conclude if they can print money out of thin air, they can be involved in market manipulation anywhere and can continue to taketh from those that enter in, despite supply and demand, like they have with no reason at all as seen with gold, silver, and now the Ruble.
I called for $350 in the 4th quarter but to end the year off at $600 / BTC. I got that wrong.