Quick reversal sees gold move higher as averages turn down

What's up here? A sizable opening pop in the market averages behind big moves from Apple and Facebook is quickly fading, and gold - which earlier this morning touched multi-month lows - is being bid higher.

The DJIA is now off 0.2%, the S&P 500 is down 0.1%, and the Nasdaq - up more than 1% earlier - is down 0.3%.

GLD +0.6%


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Comments (14)
  • minecanary
    , contributor
    Comments (1234) | Send Message
    Looks like the Fed was slamming gold lower before any panic buying over the Ukraine sets in...but forgot today was options expiry and JPM needs the price at a certain level to max the profits. Look for all out manipulation to resume in earnest after this month is off the table.
    24 Apr 2014, 10:18 AM Reply Like
  • idkmybffjill
    , contributor
    Comments (1911) | Send Message
    Yes yes, it's all manipulated but only when the price of gold goes down....
    24 Apr 2014, 10:34 AM Reply Like
  • Robin Hewitt
    , contributor
    Comments (5473) | Send Message
    I liked the part about the Fed forgetting when options expire.
    24 Apr 2014, 10:59 AM Reply Like
  • Agent Graves
    , contributor
    Comments (147) | Send Message
    For the gold price to be "manipulated" up, the COMEX Gold Leverage Ratio would need to decrease, instead of going vertical.


    24 Apr 2014, 12:07 PM Reply Like
  • Doug Eberhardt
    , contributor
    Comments (4736) | Send Message
    The timing of my latest article (not posted on Seeking Alpha) was pretty good. Still think we break to new lows after any further bounce. Reasoning for higher price for long term views included in article along with some fresh analysis you won't find anywhere else (see table).


    Which Has Been Better since 1975, Gold or Savings at Bank?


    24 Apr 2014, 10:21 AM Reply Like
  • King Rat
    , contributor
    Comments (1610) | Send Message
    Irrelevant question and irrelevant article. Gold, taken over 100 year periods is an inflation hedge and as such deserves a small portion (5-10%) of any portfolio. Putting any more of your money into money market or gold for a 39 year period is a fool's game. Not putting any of your money in either is an equal folly.
    24 Apr 2014, 02:59 PM Reply Like
  • idkmybffjill
    , contributor
    Comments (1911) | Send Message
    "Not putting any of your money in either is an equal folly."


    Not investing in gold doesn't seem to have hurt any of the best investors in the world over the last 100+ years.
    24 Apr 2014, 03:11 PM Reply Like
  • Doug Eberhardt
    , contributor
    Comments (4736) | Send Message
    Gee, thanks King Rat...it was in response to another SA author who had this to say about the article: Post just above this one: http://seekingalpha.co...


    He had said that gold + cash gave a better return than gold. I showed it didn't. Call it irrelevant if you want, but we agree on gold diversification at present.
    24 Apr 2014, 05:34 PM Reply Like
  • june1234
    , contributor
    Comments (4348) | Send Message
    After hitting multi month lows GLD is up .39% today.Take off means different things to different people.
    24 Apr 2014, 10:54 AM Reply Like
  • User 509088
    , contributor
    Comments (1703) | Send Message
    lookit silver, tho', spot broke down into the 18's and jumped to almost 20. that's near 5%- 1/20.
    24 Apr 2014, 11:38 AM Reply Like
  • james.
    , contributor
    Comments (1314) | Send Message
    This morning, a Gold Bear Trap occurred, as the Ukraine situation will now allow President Putin to invoke the Consent of his Duma Parliament to use Russian Federation Military Forces in east and south Ukraine to protect Russian-Speaking peoples, some of whom were killed today by Ukraine Military after their Acting President continued his attacks against the Demonstrators -- who hold control of 10 large cities -- after the Easter Holiday recess!
    Therefore, the Right Shoulder continues to form in this ongoing very bullish Reverse Head & Shoulders Pattern, having Neckline of $1410 per oz with a resulting Price Objective of $1630 per oz. Additionally, the GLD P&F Chart has previously given a Price Objective of 169 , which is equivalent to $1760 per oz Gold price. Gold price is now moving up on its 3rd Leg Up Super Cycle, classically resulting in new all-time highs of $2700 per oz circa June 2015, and then pulling back somewhat to allow a still higher move in Gold price !
    In Dec 2013, the Gold price Double-Bottom at $1186 per oz did conclude a normal 50% correction to the huge 2nd Leg-Up Gold Super Cycle ! 4-24-14 at 9:10 a.m. PDT.
    24 Apr 2014, 12:11 PM Reply Like
  • or cope
    , contributor
    Comments (3) | Send Message
    50 pct correction? Wouldn't that be somewhere between 1000 and 1100.
    24 Apr 2014, 02:02 PM Reply Like
  • james.
    , contributor
    Comments (1314) | Send Message
    No sir ! 50% retracement on Semilog Paper is the Geometric Mean between the low and high of the 2nd Super Cycle Up Leg. Look at a long-term 9 year chart of GLD on Semilog Paper, and you will see that the correction to the entire 2nd Leg Up Super Cycle did in fact complete itself in Dec 2013 with a 50% retracement of the entire move on the 2nd Leg up. Semilog paper must be used so that a stock moving from $10 to $20 , which is a "Double", has the same vertical travel as a stock moving from $50 to $100, which is also a "Double", i.e., you make 100% profit in both cases, and therefore the Semilog Paper gives the true perspective. I use marketwatch.com software available to the public, and select "Logrithmic" to get the long-term plot on semilog paper. Try it, and you will like it ! Good Question you asked ! to 4-25-14
    25 Apr 2014, 10:12 AM Reply Like
  • bberuch
    , contributor
    Comments (314) | Send Message
    continued/ escalated Ukraine conflict can well lead to gold and silver values recovering to year and two year ago levels.
    24 Apr 2014, 11:27 PM Reply Like
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