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Response to Tansy_Gold (Original post)

Wed Feb 20, 2013, 08:41 AM

6. Gold broke 1600: Gold tumbles, losses build moving into U.S. open

 

Last edited Wed Feb 20, 2013, 10:03 AM - Edit history (1)

http://www.marketwatch.com/story/gold-inches-higher-ahead-of-fed-minutes-2013-02-19?siteid=YAHOOB

Gold futures took a tumble in electronic trading on Wednesday, with prices dropping below the key $1,600-an-ounce level as markets awaited a hefty data calendar from the U.S. Gold for delivery in April fell $14.20 to $1,589.50 an ounce in electronic trading in the middle of Europe’s day.

The precious metal fell $5.30, or 0.3%, to settle at $1,604.20 an ounce on the Comex division of the New York Mercantile Exchange on Tuesday for its fourth straight loss, although it managed to hold above $1,600 through the trading session.

HSBC metal analysts said that gold’s fall on Tuesday came as U.S. stock indexes headed back to all-time highs.
Besides a shift in investor preference towards risk assets over gold, uncertainty surrounding the Federal Open Market Committee’s quantitative-easing program may have also added pressure to bullion,” the analysts said.


The Fed’s FOMC will release the minutes of its Jan. 29-30 meeting later Wednesday, and the HSBC analysts said that gold may see more downside if the minutes show the central bank continued a discussion from its December meeting over whether quantitative easing may either slow or stop well before the end of 2013. “Bullion may face further pressure should the Fed reinforce their earlier statement towards quantitative easing, in our view. We see gold as likely to face further near-term pressure until physical bullion buying from Asia improves,” the analysts said...


SO THE REAL PROBLEM IS ASIA STOPPED BUYING...AND THE SUCKERS ARE LOADING UP ON STOCKS (OR THEY WANT THE SUCKERS TO LOAD UP ON STOCKS, SO GOLD PRICES ARE BEING SUPPRESSED)

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Demeter Feb 2013 #1
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LineReply Gold broke 1600: Gold tumbles, losses build moving into U.S. open
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