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and the latest short attack on PMs, right on schedule
Posted:
Thu Jul 05, 2012 7:47 amby 68Camaro
Massive short attack of the day, tied to posted "rate" cuts by ECB (pretty soon they'll be paying people to take the fiat money), and the latest fake "jobless claims" numbers and related manufactured headlines (despite the adjusted numbers for the previous week going up (as is normal).
I've come to accept that they are simply giving a buying advantage to those that believe in physical PMs. Buy while you can... This opportunity WILL eventually go away, IMHO sooner than later.
Re: and the latest short attack on PMs, right on schedule
Posted:
Thu Jul 05, 2012 9:16 amby No82s
I think it had to do more with the rise in the dollar than the usual bank attack waterfall.
Re: and the latest short attack on PMs, right on schedule
Posted:
Thu Jul 05, 2012 9:30 amby 68Camaro
Gold has come back up to be roughly proportional to the USD change, which further increased and stablized for the moment at about 0.8% change, but the initial gold drop was 1.6% on a 0.4% change in the USD.
Was that "standard" trader overreaction? I think the market algos are smarter than that.
Re: and the latest short attack on PMs, right on schedule
Posted:
Thu Jul 05, 2012 8:02 pmby deacon
There was a good amount of volume today. I feel like that was market over reaction (actually pretty mild if you think about it), but the banks will throw their hats in the ring for one more day of falling POS. Just in time for the weekend. No basis or research on this one. This is just a gut feeling.