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clock Created with Sketch. 22/09/14
08:05
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Originally posted by Daytr
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I'm not sure how anyone can argue that buyers are absorbing the selling. If they were the price would be steady or going up in USD terms, its not. Its quite apparent since the 1st of Sept. when gold was trading $1290 there has been considerably more sell pressure than buy pressure, as gold is down almost 6% in three weeks! What didn't help imo was a producer selling 2 mio of hedging in August. This is the sort of blood in the water any hedgefund would want to sense if looking to short gold. In saying that its really just a USD move as proven by gold in currency terms.
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Gold will go up when the overvalued US equity market undergoes a correction - 20 percent drop in US equities will see a flight into gold. It could happen within a matter of a few months. If it takes longer then the correction will be bigger.
