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What to Make of Gold
Did the flash crash in gold represent a last throw of the dice for the bears, or is it just another step on the yellow metal’s seemingly inexorable downwards path?
by Lawrence Williams
Mine Web
Following what was, in retrospect, a hugely successful bear raid on gold initiated with Sunday night/Monday morning’s flash crash, continued with less publicised market interventions, gold fell Friday at one time to below the chart-significant $1080 level. It did make something of a sharp recovery after that, even crossing up through the $1100 mark in later trading that day and closing for the weekend at $1099.50. The gold price fall has seen some significant withdrawals from the big gold ETFs – notably the SPDR Gold ETF (GLD) – with the gold freed up almost certainly being used to further depress the market as it was in 2013. Deja vu all over again as Yogi Berra would have put it!
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Source: http://financialsurvivalnetwork.com/2015/07/what-to-make-of-gold/?utm_source=rss&utm_medium=rss&utm_campaign=what-to-make-of-gold
