From today's (6-26) Gartman Letter...

"Turning then to gold we have created something of a stir amongst the folks at GATA with our comment yesterday that someone or something is a strong and willing seller of gold at the $980-$1000 level, having stopped gold in its tracks three times over the course of the past year. We may have chosen an ill advised term when we used the term “rigger” here yesterday, for we do not believe the market to be rigged at all. It may be government intervention from abroad; it may be miners hedging operations; it might be “funds” taking profits… it could be anything or a combination of the above. But we do not believe it to be government price manipulation. Further, even if it were “manipulation,” who cares, or who should care, for we are traders, not conspiratorialists. Our duty is, as Jesse Livermore said, “Not to be bulls nor bears, but right.” We cannot care less whom the seller is that has capped gold. We shall leave that to others with greater time on their hands than we. Our duty is to be right, and for the time being, being right means being aside from the gold market.

We do note, however, that each new assault upon the $980-$1000 level is from progressively higher prices. Like an army that has marched a long way before meeting its foe, a weary force will tend to lose the battle, while a rested, well attended army will vanquish its foe far more readily. Launching the “attack” upon $980-$1000 from $680 as gold did late last year and earlier this made for a very weary and extended “force” that could easily be turned back. The last time, it appeared that the attack was launched from $860, and now perhaps it is being launched from $920. Great forces are at work. We mice would do well to watch from the sidelines a while."