Wednesday, March 14, 2012

Gold Action Today


How else can one explain lucidly why the gold price went down today. At one time recently, when Mr Bernanke opened his mouth, the gold price went higher. Now, when the open mouth committee meets, and Mr Bernanke speaks, down goes the price. $100 two weeks ago and now $40 last night. What did he say? Was it the lack of any mention of a QE3 type event in the near future?

One man speaketh and a market he maketh?? Absurd. Not sensible. But true.

And the people that trade on this? Do these traders know what they are doing? Do they rely solely on algorithms or are they just a heap smarter than us who are long gold?

Short answer, they sometimes win and they sometimes lose, and if you trade in the paper market, you need to be very, very good to win. Or have some inside information. That I wouldn't put past these guys.

These are days of weird happenings. Times when only the upward movement in stocks matters, and negative interest rates don't. Gold is not going down to critical levels as long as rates are negative.

But in the end, I still think those accumulating and holding physical gold and silver will be the 'last man standing'.

Gold in New Zealand dollars: $2038.33 per oz
Previous all-time high: $2311.02 per oz (15 Nov, 2011)

Silver in New Zealand dollars: $40.53 per oz
Previous all-time high: $59.19
per oz (30 Apr, 2011)

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