The Phaserl


Daily Nugget – Gold price bears roaring

by Jan Skoyles,

Gold prices fell for the eighth straight session today as bearish bets on the yellow metal rise. It still remains vulnerable to institutional selling. Gold futures fells 5% on COMEX last week. Holdings in gold bullion backed ETPs remain at their lowest level since July 2011, a further 3-5 million ounces of selling is expected to occur – liquidation has so far reached 13 million ounces.

Shrill bear call from Credit Suisse

Credit Suisse said last week that they believe gold will be trading at $1,100 by the end of the year and below $1000 within five. They are clearly feeling more optimistic about the global economy than we are. In great PR grabbing comments, Ric Deverell, head of commodities research at Credit Suisse told reporters “Gold is going to get crushed…The need to buy gold for wealth preservation fell down and the probability of inflation on a one-to-three-year horizon is significantly diminished.”

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2 comments to Daily Nugget – Gold price bears roaring

  • Frank Zak

    Silver flash crashed 10% last night !!!! About $2.20.
    Bloomberg and others showing lower than charts
    could show you, it moved so fast.

    Silver for July delivery fell as much as 9.4 percent to $20.25 an ounce
    per bloomberg, also Kitco article verified at lower level.

  • Frank Zak

    This looks like silver margin selling. At these levels
    there will be lots of players just holding on by a thread.

    Silver charts look like silver only went to $20.70
    last night. Silver went down to $20.25 actually.

    That’s about a 59% crash off the top of $49. .62
    is the common fibbonacci retracement level.

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