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Gold Sideways and an Explosive Story - "Fake Gold!"

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@handofzara
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Gold riding along sideways. Is a "cup and handle" formation shaping which could lead to further upside action? Or has gold hit resistance and preparing for a sell off?

The market is always right, and a broken clock is correct twice a day.

Could be either as far as I am concerned. I will wait for the market to dictate.

Silver is also drifting sideways. My only comment, and this applies to gold as well, if this is the best the "bears" can do then silver is winding up for perhaps an epic run to the upside.

The miner's had a decent day to the upside and are within striking distance of the Bollinger band.

That is it for the market today, now for the "EXPLOSIVE STORY"!

One of the largest gold dealer's in China has been passing around "fake gold bars".

Kingold Jewelry of Wuhan, (of course it is located in WUHAN), has for years now borrowing money and giving gold bars as collateral. Turns out however, the "gold bars" were actually copper bars with gold plate. Oops!

Surely this can't be!

Tell us @handofzara, how much gold are we talking about.

First the virus and now fake gold, what in the Wuhan is going on here!

I have no idea what a quid is! But is good ole Federal reserve notes that is:

That's right $4.7 Billion Dollars! Keep in mind this was offered as collateral for much larger loans.

Fun Fact: all the Chinese banks that have been defrauded are not in Wuhan, as apparently all the Wuhan Banks knew that Kingold was peddling copper not gold.

If you want to read the full article it is linked here:

https://www.zerohedge.com/markets/83-tons-fake-gold-bars-gold-market-rocked-massive-china-counterfeiting-scandal

Peace out and stack on! (May want to stick with American Eagles - not advice but just a thought)