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

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."

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Comments (18)
  • PeakOiler
    , contributor
    Comments (299) | Send Message
    That is one of the weirdest explanations for a commodity price drop I've ever read. Far fetched.
    15 Apr 2013, 11:44 AM Reply Like
  • Deney_Terrio
    , contributor
    Comments (243) | Send Message
    Maybe Michael Shaoul believes it is April 1st? Fantastic April Fool's joke!
    15 Apr 2013, 01:43 PM Reply Like
  • youngman442002
    , contributor
    Comments (5123) | Send Message
    why not sell their Netflix first..what a stupid explaination....
    15 Apr 2013, 11:48 AM Reply Like
  • rhgordon3505
    , contributor
    Comments (28) | Send Message
    how stupid is that comment? if you sold gold today, and even if you sold it on friday, you still would not have the cash in your account with which to pay the IRS or anybody for anything.


    who writes this garbage?
    15 Apr 2013, 11:53 AM Reply Like
  • whaddyamean?
    , contributor
    Comments (498) | Send Message
    It's only necessary to ensure that your tax return with enclosed payment by check is postmarked in time to meet the established deadline. Thanks to USPS, my guess is that the $$ will arrive in your brokerage account well in advance of the date on which the IRS actually receives your return and cashes your check.


    GLD longa, vita brevis.
    15 Apr 2013, 12:35 PM Reply Like
  • jmodrkrk
    , contributor
    Comments (94) | Send Message
    The gains from the taxable sales would have more than covered the resultant tax bill, this reads like the tax rates are over 100%. You can't have realized tax gains and need to draw money from somewhere else to pay the bill. Now, understanding that most gain proceeds are likely reinvested, I would suspect that underperforming areas would experience the most selling in an effort to harvest losses.
    15 Apr 2013, 11:55 AM Reply Like
  • SivBum
    , contributor
    Comments (2710) | Send Message
    FCOL, may be it was the N.Korean threat or my underwear is a bit tight this morning?
    15 Apr 2013, 11:59 AM Reply Like
  • whaddyamean?
    , contributor
    Comments (498) | Send Message
    Why not sell your house and hang onto your gold? One has been losing money for the past 4 years while the other is a proven storehouse of value when economies falter.


    Besides, if you haven't sold your car already you can live in there instead, just like Cramer did when he was a lad.


    And just look at Cramer now! Clearly, the road to future success begins with living in your automobile.
    15 Apr 2013, 12:32 PM Reply Like
  • bsorge
    , contributor
    Comments (910) | Send Message
    We have been having a general sell off of all commodities and gold was the last to be hit.
    15 Apr 2013, 12:35 PM Reply Like
  • mstrong1
    , contributor
    Comments (89) | Send Message
    ??? funding tax payments ??? ARE YOU SERIOUS ?? We are talking about the entire annual production of Gold here, not a few GLD redemption's. We are talking GLOBAL, where most of the rest of the world Apr 15 has no special meaning
    15 Apr 2013, 12:42 PM Reply Like
  • Lee 99
    , contributor
    Comments (492) | Send Message
    Is it possible to put SA authors on ignore (like yahoo message boards)? This one deserves it.
    15 Apr 2013, 12:45 PM Reply Like
  • geoflying
    , contributor
    Comments (131) | Send Message
    What bunch of lame BS, ya every one selling gld to meet tax deadline, that is why I don't buy any of this.
    15 Apr 2013, 12:52 PM Reply Like
  • RickCoville
    , contributor
    Comments (39) | Send Message
    There always has to be some explanation, doesn't there? But this one takes the prize. Ludicrous .....
    15 Apr 2013, 12:57 PM Reply Like
  • rhgordon3505
    , contributor
    Comments (28) | Send Message
    to whaddayamean?:


    please find a day job.
    15 Apr 2013, 01:36 PM Reply Like
  • anthonymaw
    , contributor
    Comments (142) | Send Message
    It's not often you get a SECOND CHANCE to stock up on gold bullion at a discount....don't wait for the NEXTS GLOBAL FINANCIAL CRISIS that will unpredictably come out of "nowhere" to hedge your gold portfolio! If not for yourself then for your kid's future financial security, if you care about them that is....
    15 Apr 2013, 03:00 PM Reply Like
  • rae100free
    , contributor
    Comments (3) | Send Message
    Much more likely that a confluence of events occurred strategically (perhaps randomly, but not likely) to allow central banks to purchase gold at low prices to support their flat money.
    15 Apr 2013, 03:30 PM Reply Like
  • Trader 611
    , contributor
    Comments (132) | Send Message
    U.S. Tax returns? OR naked short selling by the big boys at technically important support levels to crash the metals market?
    First Goldman, then JPMorgan. Don't be surprised if/when the margin req's get ramped.
    Manipulate to keep inflation in check before announcing an end to QE?
    15 Apr 2013, 04:27 PM Reply Like
  • tnoll
    , contributor
    Comments (6) | Send Message
    More likely explanation.
    16 Apr 2013, 06:35 AM Reply Like
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