Yeah, you're right, millions of unsophisticated chinese peasants can't possibly be wrong.
Printable View
I just posted this on HC & thought worth posting here for your consideration.
There seems to be a strong force in play protecting this $1275-80 area in gold. Timber (of HC) mentioned in a previous post that there may be a large option position in play that is being protected & I think he may well be on to something.
Option expiry for COMEX is tomorrow & it suggests to me this would be the expiry date as it would be too difficult to protect an option that had another or several months to run. However if its only for a few days & the position is big enough, its probably worth throwing ammo at to protect the strike price.
So if this theory is correct we should see the pressure released off gold as the option expires from memory at 9.30am NY time tomorrow.
1275 broken
Yes, a nice spike to 1285 USD. Now just about everyone will be bullish on Gold...except for Skol of course.
Skol - did you buy TRY when I recommended it to you at 75c? You never replied.
No I didn't, I have enough exposure to precious metals and natural resources through the BT Natural Resources fund, but very well done, good profit for you there. Gold is sitting at the top of a bearish price channel, it's more than likely going downwards. After Janet Yellen's had her fireside chat reality might set in.
I bought some QBE instead.
Gold booming higher 1290 .. Has that gold short treating you blackcap
Be yet another big day for PM stocks