by Andrew Hoffman
First, I’m going to explain something I’ve learned from watching Precious Metal markets, tick for tick, for the past 14½ years – back to times when the dissolution of the Euro, hyperinflation, or a collapse of the global banking system weren’t even considered, much less a strong possibility. Back then, financial markets were, by my estimation, roughly 60% “freely traded” – but significantly less so for Precious Metals; compared to, perhaps, 25% today, on all fronts. To that end, I have not only compiled reams of empirical data about market movements, but practical experience of what drove them. Which is why I respectfully disagree with one of our industry’s best analysts, regarding his view of drives markets today – i.e., Central banks algorithms, causing the HFT computers that comprise more than 80% of trading to move them like puppets on a string.