The Phaserl


Further Declines or a Rally in Gold? Where is the Bottom?

by Przemyslaw Radomski, Gold Seek:

Without a doubt, this was a week of strong declines for the yellow metal. What could we read in newspapers and see on TV? The big banks were falling over each other in their scramble to get on the bear bandwagon.

Everybody is talking about the price of gold and wondering where the bottom is. In early Asian trade gold fell under $1,200 to its lowest level since 2010. This is down more than $200 an ounce since the beginning of last week and probably the yellow metal is on track to post its worst quarter since at least 1968.

“It’s a long term bear market. If you bought into it today, don’t expect it’s going to do much. And if you own some and get a rally, get rid of it,” said Dennis Gartman, editor of The Gartman Letter, a daily commentary on financial markets.

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2 comments to Further Declines or a Rally in Gold? Where is the Bottom?

  • Dan C

    The Dollar is disconnected from its normal inverse relationship to Gold because the $Quadrillion bets in derivatives are collapsing and now require Dollars be paid to the winning bettors.

    That is creating an incredible demand for Dollars.

    You can be sure that the “winners” won’t want more derivatives or those depreciating Dollars they just won. They will therefore seek safer assets, most likely precious metals with no counter-party risk.

  • Glitter 1

    “We will most likely see a massive Mother-Of All sell-offs in Gold and Silver just prior to the great rise in the price of both”(paraphrased) – Ted Butler – early/mid 2000’s
    The Large Commercials(Read:Bullion Banks)are net-long(most since 2002) according to the latest COT report.

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