Downward forces affecting the gold price are still prevailing as high frequency traders in paper gold continue their recent domination of the markets.
by Lawrence Williams, MineWeb.com
Gold took another $30+ plunge at or around the time the latest U.S. job figures were released on Friday and appears to be making heavy weather of coming up with any significant recovery from the decline.
Indeed it has taken another dip this morning in London as high frequency trades kicked in at open and again at 10.00. Cynics would say that the release of the U.S. figures gave those who are wishing to see the gold price fall the opportunity to have another go at driving down the market – successfully it would seem – as there was virtually nothing in the U.S. employment situation to suggest that the U.S. Fed is anywhere near tapering (winding down its bond purchasing policy) – fear of which seems to be the so-called analysts’ reasoning-of-the-moment behind the latest bout of gold and silver price weakness.
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