Seeking Alpha

Gold gets a sniff of $1,600, gaining 1% in minutes to $1,596/oz., with traders noting one buyer...

Gold gets a sniff of $1,600, gaining 1% in minutes to $1,596/oz., with traders noting one buyer taking down 5.7K 1-month gold futures contracts as stoking the move. GLD +1% premarket. Silver comes along for the ride, SLV +1.1%.
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Comments (10)
  • whidbey
    , contributor
    Comments (3415) | Send Message
     
    Watch the dollar. If it gains don't expect too much from PM yet.
    12 Mar 2013, 08:44 AM Reply Like
  • youngman442002
    , contributor
    Comments (5129) | Send Message
     
    yes PM´s are a sleeper asset right now...not in the news..its all if the S&P hits a new record..that is what they want..
    12 Mar 2013, 08:56 AM Reply Like
  • filipo
    , contributor
    Comments (4202) | Send Message
     
    Gold is dead and buried.
    No one wants it when you can make +5% profits on equities w.o.w. by trading.
    12 Mar 2013, 09:11 AM Reply Like
  • jrcsamad
    , contributor
    Comment (1) | Send Message
     
    If the "central bank Buying" theory is correct, then your comment is irrelevant.
    12 Mar 2013, 12:51 PM Reply Like
  • filipo
    , contributor
    Comments (4202) | Send Message
     
    In a slowly upside growing market, some equities tend to show volatility nonetheless. It is that volatility that I use to make profits and these are very relevant.
    With gold such a trade is impossible due to the high premiums.
    12 Mar 2013, 01:37 PM Reply Like
  • alphacostadamos
    , contributor
    Comments (13) | Send Message
     
    It is a matter of days when all those wise guys who shorted gold below $1.600 will beg to cover back above $1.625
    12 Mar 2013, 09:21 AM Reply Like
  • dahand5
    , contributor
    Comment (1) | Send Message
     
    Goldman coming in?
    12 Mar 2013, 09:22 AM Reply Like
  • lundlund
    , contributor
    Comments (2) | Send Message
     
    buying time
    12 Mar 2013, 09:54 AM Reply Like
  • Solon
    , contributor
    Comments (98) | Send Message
     
    I know that I keep whining about a gold standard, but it has to come; one can only buy and sell using toilet tissue until the demand for tt starts to fall, after all you can only have so much....
    Napoleon pointed the gold standard stuff years ago, and he was a smart cookie.
    12 Mar 2013, 11:02 AM Reply Like
  • alphacostadamos
    , contributor
    Comments (13) | Send Message
     
    Watch next short term target xaueur 1.240
    12 Mar 2013, 11:06 AM Reply Like
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