Maybe it’s no coincidence gold’s massive selloff is taking place on the same day U.S. tax...

|By:, SA News Editor

Maybe it’s no coincidence gold’s massive selloff is taking place on the same day U.S. tax returns are due, Marketfield's Michael Shaoul surmises, pointing to the need to raise cash to pay substantial capital gains due at tax filing. If sellers waited until the last day, it might have sparked selling pressure to plunge through key support at $1520; at that point, "a substantial wave of panicky selling was always likely to take place."