The Phaserl


Arrogant Gold Bears Press in the Market and in Print

An example of extremely bearish commentary out there, in this case from Dubai, with a few comments from GGR inserted for a different take. (GGR comments in red.)

from Got Gold Report:

It may no longer be ‘safe’ to hold on to the ‘safe haven’ precious metal
By Vicky Kapur Published Sunday, April 14, 2013

Gold price suffered a massive decline of 5.6 per cent, or $87 per ounce, on Friday, crash-landing at a 22-month low of $1,477 per ounce.

Reports suggest that a 4 million ounce (124.4 tonnes) sell-order, worth $6 billion (Dh22 billion) at current prices, by a large investment bank spooked the markets and led to this decline.

“It appears that the significant selling pressure last Friday was amplified by a four million ounces (124.4 tons of gold) selling order, to be executed on Comex opening. This was clearly too much for a relatively empty market to handle, and the initial pressure resulted into waves of selling, which in turn attracted further selling all the way down,” Gerhard Schubert, Head of Precious Metals at Dubai-based Emirates NBD, wrote in his weekly report.

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