Gold Bull Watering Hole

There has been a very strong resistance for gold at $670. This is proving to be a very tough point to break through. Many gold bugs believe that something is up. I have been hearing a consistent rumor around the gold bull watering hole this last week or so. Word on the street is that there is a large seller selling short at $670 in order to keep the price of gold down. Who is doing this? Well we don't exactly know, but some people say its a government, some say a hedge fund, and others say it may be a miner paying a bank from a previous agreement. It could be some combination of the above mentioned.

Anyways, whoever he/she/they may be keeping gold down, will have a harder time doing this as each week passes. The longer it's held down, the more upward pressure it will experience.

I apologize about reporting on the "rumors" and not facts. I thought that this was an interesting enough story to write about. I personally see some truth to this, because actions of this nature have been taken by central banks over the past several decades. However, it is completely trivial in the long run, even in the short run, for the price of gold. These sell offs, if they are occurring, can only be effective for 1-2 more weeks here at most.