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Gold gains 1.1% to $1,590 after touching a 7-month low last week amid growing indications...

Gold gains 1.1% to $1,590 after touching a 7-month low last week amid growing indications of at least short-term capitulation. Another one: Net long positions for the week ended Feb. 19 were slashed by 36% to the lowest level since November 2008, according to Commerzbank, which notes the metal has slid more since the 19th, meaning speculative longs have likely declined even further. GLD +0.6%, SLV +0.9%.
Comments (8)
  • The imminent demise of GLD appears to be greatly exaggerated. As a result, contrarians may have been afforded a rare opportunity to put their money where their opinions reside.

     

    Meanwhile, conventional wisdom no longer appears to bear much of a relation to the current price of gold. Instead, GLD as a commodity now seems to run on hormones, just like a regular everyday stock and with every bit as much reliability.
    25 Feb 2013, 02:00 PM Reply Like
  • It's now trading as a currency in it's own right, not a commodity.

     

    The movement makes no sense otherwise. It should be tanking with the market if it was trading as a commodity. See copper.

     

    Interesting, no?

     

    I think the central banks have shot themselves in their feet.

     

    CHF is pegged to the Euro so it's no longer a safe haven, the BoJ is promising to destroy the JPY and the USD has 85 billion a month (for ever apparently) being pumped into bonds and mbs...

     

    So where do you go now when the S is HTF?
    25 Feb 2013, 04:37 PM Reply Like
  • Gold is the last safe haven. Due to currency wars of all kinds the fiat currencies will devalue like there is no tomorrow. Also, funding budget deficits with printed money, like the FED does, will also help in that devaluation process. Unfortunately for central banks, they can't print gold but of course they can short it on the Comex and they do that regularly.
    25 Feb 2013, 05:28 PM Reply Like
  • WINNING

     

    I guess that G20 agreement isn't working out so well is it??

     

    But Sheeple will be sheeple..
    25 Feb 2013, 05:32 PM Reply Like
  • I will say that we will see that Asia sucked up that dip..and bought tons to be delivered to their shores...not stored here anymore...they win..we lose..as all we are left is with paper..Promises...
    25 Feb 2013, 03:00 PM Reply Like
  • Boy, are our citizens this foolish not to see what other countries are doing?

     

    Seriously, Germany wants their gold back and it will take 8 years?

     

    How much more of a warning do people need>>>
    25 Feb 2013, 04:43 PM Reply Like
  • People don't need more warning but sheeple may need more.
    25 Feb 2013, 05:29 PM Reply Like
  • Shorts about to get creamed. Take it to the bank.
    25 Feb 2013, 06:19 PM Reply Like
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