Loading ...Yeah, a week or two sounds right. The whole move yesterday in both HL and pm’s seemed manufactured to me.
We didn’t have the usual spike and reversal in gold we usually get at tops. We did in silver but it hasn’t really participated much in the rally of the last few months. Doesn’t mean we don’t go down, just doesn’t seem like the end. The selling in the shares started off as the usual light volume malaise but picked up as the day went on until full blown panic selling at the end. Mission accomplished.
Anyhoo, I took a gander at the COT Report out of curiosity and if anything it was the funds that were gearing up for the move down in gold while the banks were busy covering their shorts. Gold in particular. This was a gift for them, they didn’t have to do anything. We’ll see next week if they covered more.
I guess we’ll know pretty soon if this is the end. Hope not but I kinda doubt it. Gold’s move down was only 1.5%. It was the shares that were terrorized. What’s new?