Apparently behind the mid-afternoon drop in the S&P 500 (SPY) (a not insignificant 10 points), the soaring dollar (UUP), and sinking commodities (GLD, USO) was the rumor of a Jon Hilsenrath article set to hit the WSJ claiming "tapering" of asset purchases is coming sooner rather than later. Thus far, nothing is up. [View news story]
yep, buy precious metals on the dips. Not gonna end!
Contrary to the popular "tapering" term being thrown about of late (including by himself), St. Louis Fed chief Jim Bullard says the Fed could increase the size of its asset purchases if inflation softens further. "I'm very willing to defend the inflation target from the low side." [View news story]
Goldman remains bearish on gold, lowering its stop to $1,400/oz as the latest data show an acceleration of gold ETF liquidation. That the pressure on Cyprus to sell its gold might spread to other debt-addled EU states could be the catalyst for the recent big move, suggests Goldman. Hedge-funder and hedged gold bull John Burbank notes many long the metal are very much un-hedged (i.e., John Paulson - famously long both the metal and the miners). GLD +1.2%. [View news story]
Goldman's short call on gold looks prescient, as comex gold sinks $63.50 to settle at $1,501.40/oz. for its lowest close since July 2011. Traders and analysts see no obvious trigger for the selloff, which seems to reflect the malaise that has gripped the market. Silver slips $1.37 to $26.33/oz. Miners are huge losers: HMY -7.5%, ABX -7.3%, AEM -6.9%, AUY -6.2%, SLW -5.6%, NEM -5.2%, EGO -4.9%, GFI -4.8%, GG -4.5%. [View news story]
Apparently behind the mid-afternoon drop in the S&P 500 (SPY) (a not insignificant 10 points), the soaring dollar (UUP), and sinking commodities (GLD, USO) was the rumor of a Jon Hilsenrath article set to hit the WSJ claiming "tapering" of asset purchases is coming sooner rather than later. Thus far, nothing is up. [View news story]
Gold Rally Stopped Dead In Its Tracks [View article]
Gold And Silver May Soar On Short Squeeze [View article]
Gold: Where Are We Now? [View article]
Contrary to the popular "tapering" term being thrown about of late (including by himself), St. Louis Fed chief Jim Bullard says the Fed could increase the size of its asset purchases if inflation softens further. "I'm very willing to defend the inflation target from the low side." [View news story]
http://bit.ly/10ZEA4M
Goldman remains bearish on gold, lowering its stop to $1,400/oz as the latest data show an acceleration of gold ETF liquidation. That the pressure on Cyprus to sell its gold might spread to other debt-addled EU states could be the catalyst for the recent big move, suggests Goldman. Hedge-funder and hedged gold bull John Burbank notes many long the metal are very much un-hedged (i.e., John Paulson - famously long both the metal and the miners). GLD +1.2%. [View news story]
Goldman's short call on gold looks prescient, as comex gold sinks $63.50 to settle at $1,501.40/oz. for its lowest close since July 2011. Traders and analysts see no obvious trigger for the selloff, which seems to reflect the malaise that has gripped the market. Silver slips $1.37 to $26.33/oz. Miners are huge losers: HMY -7.5%, ABX -7.3%, AEM -6.9%, AUY -6.2%, SLW -5.6%, NEM -5.2%, EGO -4.9%, GFI -4.8%, GG -4.5%. [View news story]
Rotation Beginning From Overbought Equities Into Discounted Gold And Silver Miners [View article]