Gold Prices Driven “Insanely Lower” – Nichols
Friday’s near 5% drop in the gold price is described as ‘insane’ by one of the more rational analysts within the pro-gold fraternity while another warns against schadenfreude among non-gold investors.
by Lawrence Williams
Mine Web
LONDON (Mineweb) – In a brief note to Mineweb Friday evening, U.S. specialist precious metals analyst, Jeff Nichols, made the comment that the gold price was driven ‘insanely lower’ that day. In his view the sales were not of physical metal but by technical and computer-driven me3 trading mainly in futures, forward, and options markets, rather than by any change in fundamentals or in the states of the U.S. and global economies. He commented further that the data on U.S. retail sales and consumer prices released that day should, under normal circumstances have been bullish for gold with inflation indicators subdued and showing a weaker than expected U.S. economy.
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2013-04-14 21:45:12
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