John Ing tells King World News:
“People would have expected for gold to be trading higher in this environment, but with the Chinese away on holiday this has left the door open for some serious manipulation in the gold market. This interference in the gold market is taking place at a time when we already have a government shutdown in the US, but the really serious discussions about the debt ceiling are still to come.
Both sides are digging in their heels and I am afraid that this game of chicken is going to have more dramatic implications for the US dollar, which in my opinion is still headed down. In fact, the US dollar can go significantly lower from here. I wouldn’t be surprised to the US Dollar Index quickly hit the next level of support at 76. Of course that would have a positive effect on gold. You will see a scramble for gold in that environment, and I believe that is going to be a catalyst for gold ultimately reaching new highs.”