stockjockee
Fly on the Wall
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Even the MSM is starting to report it !!
Its beginning ! The big shift out of paper has begun ! If you can stomach the paper hammering, load the boat on the way down ! Didn't think they would hammer it this hard but, If I have learned one thing from this Ponzi scheme, it is to never underestimate the power of the printing press coupled with fraud and greed !
By Matt Zeman04/03/13 - 04:35 PM EDT
Gold futures for April delivery are trading down $23 at $1,552.90 per ounce. Spot gold last traded down about $30 at $1,553.30. As of this writing, the SPDR Gold Shares ($GLD) is trading down 1.4% at $150.24. Spot gold is now trading at the lowest level since July 2012.
Chart selling continues to hurt gold prices. This market has been "lined" with sell stops for some time, and longs are continuing to throw in the towel. The inability of gold prices to maintain trade above key moving averages and above the $1,600 level was the initial trigger for the wave of selling.
There is also widespread discussion today of a continuing drop in holdings of the GLD. There does certainly appear to be a divergence between buyers of physical metals and people who buy "paper" metals Buyers of physical bullion may see this drop as another opportunity to add to holdings.
Perhaps this divergence is due to the fact that physical buyers may purchase the metal for different reasons than those who invest in an ETF or other gold-based products.
Whatever the reason (or reasons) for gold prices dropping, serious chart damage (see below; source: QST) has been sustained at this point. Gold futures for June delivery are now sitting on weekly chart support at $1,550. This area is the line in the sand. It will either prove to be an awesome buy, or a breach lower will set up more downside for gold, which could see the long-term trend of bullion flip to the downside. We shall see . ...
http://www.thestreet.com/story/11886858/1/gold-hit-hard-today-to-face-a-test-friday.html :wave:
Its beginning ! The big shift out of paper has begun ! If you can stomach the paper hammering, load the boat on the way down ! Didn't think they would hammer it this hard but, If I have learned one thing from this Ponzi scheme, it is to never underestimate the power of the printing press coupled with fraud and greed !
By Matt Zeman04/03/13 - 04:35 PM EDT
Gold futures for April delivery are trading down $23 at $1,552.90 per ounce. Spot gold last traded down about $30 at $1,553.30. As of this writing, the SPDR Gold Shares ($GLD) is trading down 1.4% at $150.24. Spot gold is now trading at the lowest level since July 2012.
Chart selling continues to hurt gold prices. This market has been "lined" with sell stops for some time, and longs are continuing to throw in the towel. The inability of gold prices to maintain trade above key moving averages and above the $1,600 level was the initial trigger for the wave of selling.
There is also widespread discussion today of a continuing drop in holdings of the GLD. There does certainly appear to be a divergence between buyers of physical metals and people who buy "paper" metals Buyers of physical bullion may see this drop as another opportunity to add to holdings.
Perhaps this divergence is due to the fact that physical buyers may purchase the metal for different reasons than those who invest in an ETF or other gold-based products.
Whatever the reason (or reasons) for gold prices dropping, serious chart damage (see below; source: QST) has been sustained at this point. Gold futures for June delivery are now sitting on weekly chart support at $1,550. This area is the line in the sand. It will either prove to be an awesome buy, or a breach lower will set up more downside for gold, which could see the long-term trend of bullion flip to the downside. We shall see . ...
http://www.thestreet.com/story/11886858/1/gold-hit-hard-today-to-face-a-test-friday.html :wave: