The Phaserl


Jim Rickards: Gold Likely To Trade Sideways For Most Of 2013

from Gold Silver Worlds:

Related to the volatility in gold (and silver) recently, Jim Rickards said during his latest CNBC interview that fundamentals prevail in the long run but that technicals can control the price in the short run.

First there was the negative report from Société Générale followed by the one from Goldman Sachs and the news that Cyprous would sell its gold. The crash in the gold (and silver) price on April 15th / 18th resulted in panick. The strong hands (i.e. China) did not place bids so the price of the yellow metal kept on falling.

We are now in a transition period from weak hands to strong hands. Sellers include Comex traders who have margin calls and stops, hedge funds that have non-permanent capital and gold exchange-traded fund GLD.

The strong hands are Russia, China and actually people around the world. They lined up to buy physical beginning on April 16.

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