Saturday, 20 April 2013

Honestly, you don't want to know...

Gold price manipulation reached its culmination on Monday with an over-night low around $1320. The multiyear resistance of gold at $1525 was broken the previous week, triggering the plunge. After a suggestion by IMF president Christine Lagarde, rumours were out that Cyprus was to sell its gold holding in order for the €10 B bail-out loan to be approved. Little imagination is needed to shift focus to Italy: in a political stale-mate and with debt equally spiraling out of control. Contrary to Cyprus, Italy does have meaningful gold holdings, however still only worth a fraction of their outstanding debt.

Saturday, 13 April 2013

The puke moment for precious metals and miners

This is worse than a nightmare !
With gold down $84 today and silver shedding $1.81, we can't have much more... and we got more on Monday.
Continuing the slide at that pace, by the end of April we will get paid to carry away those metals previously considered precious... and smelly beggars outside the shopping mall will put down a sign in front of them saying: "no gold please". You don't buy the story? Then it's perhaps the time to stop shorting those metals.