Speculators try slamming gold through resistance

As I've previously identified on Paper Money Shield, we regularly see the precious metal cartel trying to manipulate the price higher in order to benefit themselves. An important overhead technical resistance has been formed at around the $1800 level and the cartel will do anything in their power to try and push the spot price higher:

If they can push the price through the $1800 barrier then there's a good chance they will be able to convince even more suckers people that the price is going to new highs, even though as I've recently discussed the price is well above a fair price set by production cost of the metal.

During trade today we saw what I refer to as a "raid". 

During a raid the precious metal cartel engage the services of professional "paper market" (the cartel uses this description of any market where one is not trading physical assets) traders on the gold exchanges (such as the COMEX) to buy lots of contracts centered around a specific point in time (often during quiet periods or right at the start or end of trading sessions on a particular exchange for maximum effect). They do this in order to overwhelm sellers and slam the price higher (usually in order to scare out stops creating a squeeze higher as they're triggered), take for example this spike:

Clearly this raid was an attempt to send the price shooting above resistance, but luckily on this occasion they were not successful. We must be ever vigilant of the cartel, they have many devious tactics in order to manipulate the price. 

Another tactic they've been known to use is trying to make the COMEX default by taking delivery of their registered warehouse precious metal stock. Funny how a group so publicly against the paper markets such as the COMEX will use them extensively behind the curtains.

We must do what we can to stop these financial terrorists from disrupting the important and long trusted paper markets used by the majority.

It is unacceptable that the majority be put out by the overbearing opinions and actions of a few who choose to play the markets in this unfair manner!

- Paper Money Shield