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Gold futures essentially stopped functioning for several seconds - a clear illustration of how high frequency trading has drastically affected, and essentially destroyed the markets as we once knew them. Gold is now battling to hold onto support in the $1320-$1330 area, below $1320 it should be a quick trip down to $1300. Meanwhile, $1350 now becomes resistance once again.
Regardless of what one thinks about ‘manipulation’ or whatever else goes on in these markets, one thing is certain, inarguable and easy enough for even a 1st grade elementary school child to understand: The value and utility of the $US dollar is completely hinged upon the confidence of the public and global marketplace at large, to accept it at face value, and by doing so, tacitly accept whatever underpins the currency, which is basically – full circle, arriving back at ‘confidence’, since the currency is only backed by tax revenue, which just so happens to run orders of magnitude behind current debt levels and future obligations.
Therefore… The $stakes – as one could easily ponder, are quite high for the United States to maintain that global confidence in its currency, really by whatever means necessary, up to and including foreign policy interventions – both monetarily and even, Militarily if the situation presents the need.