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Gold Continues to Move Higher : Stunning GLD Demand

from TraderDan:

Safe haven gold continues its strong showing as plummeting interest rates and shaky global equity markets are creating a strong bid in this market.

Gold pushed up towards last week’s high and in the process pushed through yet another overhead resistance level in the $1345-$1350 level.

Based on what I can see from this chart, there appears to be little resistance in its path until closer to the $1385 level. Above that lies psychologically significant $1400.

The real kicker for today however was the massive surge in reported GLD holdings. A whopping 28.8 tons of gold were reportedly added to GLD. I have not gone back to check my database but I suspect this might be very close to a record one day total or if not, a new record in itself. Gold holdings are now at 982.7 tons, the highest level since June 2013.

This is absolutely phenomenal demand.

In my view, this is all traceable to the collapse in interest rates. The yield curve is growing flatter and has broken into yet another new low.

Read More @ traderdan.com

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2 comments to Gold Continues to Move Higher : Stunning GLD Demand

  • CIGA Steve

    Trader Dan was bagging out the gold bulls for the last number of years since 2008. He took the opposing side to Jim Sinclair jsmineset.com for years claiming he and the others who supported a rise in the price of Gold were deluded. Only last year you were calling for a collapse in the price of gold and now you are the master! Nice one Dan! Suddenly a gold bull!!! You need to apologize to Jim Sinclair for your deluded ramblings for the last 7 years

  • Eric

    I’d be shocked if this guy was right.

    Gold is an ‘extremely crowded trade’ and is heading lower, trader says

    Gold will likely drop to $1,200 to $1,250 by the end of the year, OptionSellers.com’s James Cordier predicts. But RBC’s George Gero is still bullish.

    Read more: http://www.cnbc.com/id/103769691

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