The Phaserl


Mid-week sell-off

by Alasdair Macleod, Gold Money:

This week’s trading in precious metals was a text-book example, with all precious metals falling sharply during New York trading on Tuesday, setting up gold for a test of the $1200 level the following day. The news background, with Greece playing an alarming game of chicken against the rest of the Eurozone, and Ukraine still moving NATO and Russia towards conflict, would normally drive precious metal prices higher as perceptions of systemic risk increase; but that would have been costly for the bullion banks with short positions. By early this morning UK time, on the week gold fell by about $20 and silver $0.55.

The position has been particularly difficult in silver for bullion banks, which fell 6% during Tuesday’s bear raid on gold. Meanwhile Open Interest on Comex continues to climb as shown in the chart below.

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