The Phaserl


Maguire – This Key Level To Trigger Huge Central Bank Buying

from KingWorldNews:

We had a large sovereign order in the market at $1,380 (area). That was definitely filled today (Friday). What we have today is an even more stretched managed money position holding the bag.

This physical tonnage that is disappearing will have an affect on the paper market, and I think it’s going to have an affect fairly soon.

The short stops have moved significantly lower and are highly vulnerable.

The minute this (downside) momentum wanes, I think there will be a race (for the shorts) to cover. I would say, given that the physical market is exponentially larger (in terms of demand) on each decline, I still firmly believe the bottom is in at the $1,320 area. But if we start approaching that area again, I think anything sub $1,350 is going to create massive central bank demand.

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1 comment to Maguire – This Key Level To Trigger Huge Central Bank Buying

  • mac

    May 16, 2013
    “A breakdown of the 13-F data indicates that during the first quarter, the Soros Fund:

    1. Maintained a $32mm stake in individual miners.

    2. Added a staggering 1.1 million shares of GDX to its holdings, at a reported price of $37.84 per share. Total Soros Fund GDX holdings now stand at 2.666 million shares, at a reported value of over $100,000,000.

    3. Reduced it’s long position in the GDXJ Junior Miners Index fund, from 1.998 million shares to 1.2 million shares—only to turn around, and purchase 1.510 million call options on the same index, at a reported value of $25,200,000.

    4. Lastly, the fund reduced its stake in the GLD gold fund from 600k shares to 530k shares, for a total reported value of $82,000,000.

    In summary, as of May 15th, 2013, Soros Fund Management LLC reported owning over $239.2 million in gold related positioning, with over $25 million dedicated to call options on junior mining stocks.…”the Soros Fund is lightening up on physical gold in exchange for gold mining equities and call options on the extremely volatile junior mining stocks.”

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