Gold futures fell nearly $28/oz. in their biggest one-day percentage loss since November following the surprise early release of the FOMC Minutes and Goldman's cut of gold forecasts through 2014; a stronger dollar index also weighed. Goldman says gold could fall faster and larger than its forecast if ETF owners keep exiting, which is happening today: GLD -1.5%, IAU -1.5%, GDX -3.2%. [View news story]
Nothing which really pertains to the actual value of gold has changed. JPM is having another hay day with their price supression scheme. And I'm sure they made a lot of $$$ doing it, again. So, (for me) It's time to buy more physical!!! Time is on my side.
Most troubling for gold, says Barclay's Suki Cooper, is the flow of funds out of gold ETFs (GLD) as this money "has tended to reflect longer-term 'stickier' investor interest." If the buy-and-hold money leaves, gold's fate could be left with the fast-money crowd. It's an interesting argument, but we'll call it "unproved" at this point. [View news story]
Maybe the out flow of funds from the ETFs are realizing the paper fraud and going physical. That would seem bullish, to me. I don't understand why anyone would take on risk thru manipulative paper products when the certainty of physical carries minor issues (converting back to currencies if/when needed).
Stocks remain lower following the more hawkish tone from the FOMC, with a benign loss in the Dow masking more substantial drops in the S&P (-0.5%) and the Nasdaq (-0.7%). Gold (GLD -2.2%) and silver (SLV -3%) leg down to new lows for the session. Bond prices fell on the release, but have now turned positive, TLT +0.1%. [View news story]
The long-cycle in precious metals has peaked, writes Citi's Jon Bergtheil, arguing we'd need a level of systemic risk higher than the past few years to warrant a continued bull run. Especially vulnerable are the PM miners (GDX, SIL) which benefit from what may be mistaken belief $35 silver and $1,600 gold are the "new normal." [View news story]
Let it drop, I expect it will. And while the big banks work their magic to get the price lower, I'll keep buying physical silver. The Jr Miners aren't impressing me at all, but I will ride them to zero if I have to. I have a (within) 10 yr train of thought (starting in '09) PM's will be the only game in town.
Gold futures fell nearly $28/oz. in their biggest one-day percentage loss since November following the surprise early release of the FOMC Minutes and Goldman's cut of gold forecasts through 2014; a stronger dollar index also weighed. Goldman says gold could fall faster and larger than its forecast if ETF owners keep exiting, which is happening today: GLD -1.5%, IAU -1.5%, GDX -3.2%. [View news story]
Most troubling for gold, says Barclay's Suki Cooper, is the flow of funds out of gold ETFs (GLD) as this money "has tended to reflect longer-term 'stickier' investor interest." If the buy-and-hold money leaves, gold's fate could be left with the fast-money crowd. It's an interesting argument, but we'll call it "unproved" at this point. [View news story]
Stocks remain lower following the more hawkish tone from the FOMC, with a benign loss in the Dow masking more substantial drops in the S&P (-0.5%) and the Nasdaq (-0.7%). Gold (GLD -2.2%) and silver (SLV -3%) leg down to new lows for the session. Bond prices fell on the release, but have now turned positive, TLT +0.1%. [View news story]
The long-cycle in precious metals has peaked, writes Citi's Jon Bergtheil, arguing we'd need a level of systemic risk higher than the past few years to warrant a continued bull run. Especially vulnerable are the PM miners (GDX, SIL) which benefit from what may be mistaken belief $35 silver and $1,600 gold are the "new normal." [View news story]