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Selling by speculators is responsible for gold's recent slide, says the team at Commerzbank...

Selling by speculators is responsible for gold's recent slide, says the team at Commerzbank (which a month ago advised not to pay attention to growing speculative longs in the metal). We'll know more when the CFTC releases its trader position report this afternoon. GLD -0.4%.
Comments (5)
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    The dollar has found temp support and the metal complex (including copper) is trading down. Metals (esp PMs) were bid up before QE^n, and as of Sept 13 have relatively weakened. Those who sold calls on the GLD and futures contracts are counting their cash in recent days. Base metal complex was bid up before the China GDP, and is selling off the on the release amid relatively weak fundamentals elsewhere. No surprises here, can blame speculators but it was pretty well telegraphed beforehand. Investors should look at PM weakening as a buying oppty, but I'd wait for even cheaper prices (watch dollar index and currency pairs).

     

    (Disclosure: I'm long gold, but also short-term long dollar futures.)
    19 Oct 2012, 10:46 AM Reply Like
  • mstrong1
    , contributor
    Comments (82) | Send Message
     
    I have tired of all the manipulation and have sold all paper assetts including GLD. All assetts are now in PHYSICAL PM's and other physical, untaxable forms under my control, in my hands
    19 Oct 2012, 01:03 PM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    Agreed to an extent: Only way to be in the paper markets is for short-term opptys. True alpha, which by its very nature is long-term investing, is in real hard assets and solid private businesses, not paper. SA could have more breadth beyond publicly traded paper markets into hard assets and private investments. These assets/markets tend to be much more illiquid though than paper.
    19 Oct 2012, 01:14 PM Reply Like
  • bertrandrighi2
    , contributor
    Comments (37) | Send Message
     
    Manipulation on GOLD ? Are you kidding me ?
    More fun to come when it is going to be known, that a GOOD FRACTION of the metal supposed to be stored in vaults, simply DOES NOT EXIST. Too easy, when MOST of the reserves of the planet, CANNOT be independently audited. Even they would be, ever heard they discovered HUNDREDS of gold bars, just being decoy ? Tungsten, gold plated, for what I remember. So it would need not only independent audits, but gold assays, as well, to know the TRUTH, right now. :-)
    20 Oct 2012, 03:16 AM Reply Like
  • Daveintosa
    , contributor
    Comments (142) | Send Message
     
    Economist Try AZK GO PACKERS!!
    20 Oct 2012, 12:16 PM Reply Like
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