The gold bull ... it's over ... it's over ..., page-179

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Dazedandconfused

7,647 Posts.

2115

06/11/14

01:18

Post #: 14242470
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This from The Business [ABC1]

Gold is now in pressure territory for many gold miners. Kingsgate Consolidated is banking on its Chatree mine in Thailand to carry it through and it's talking up gold and silver finds in South America.
Ross Smyth-Kirk, chairman of Kingsgate Consolidated speaks to Ticky.

http://www.abc.net.au/news/2014-11-05/extended-interview-with-ross-smyth-kirk/5870060

Originally posted by timber1956 ↑

Hi there Yummy

Posting on HC shouldn't be about winning and losing. It should be about exchanging ideas and learning things that may help us make good decisions when trading and investing.

I am in the camp that thinks that there is a surplus of physical gold in the wholesale market. This is held by banks who have hedged the price risk by selling futures. The upshot is that the Comex traders have been caught long in a falling market. The selling we are seeing isn't shorting. (There should be short covering rallies.) The selling is coming from traders trying to get rid of positions that have become hot potatoes.

This will continue until end buyers steps up to the plate in either the physical or futures markets. I don't know at what level that will happen.

All the best and good night.

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Originally posted by Dazedandconfused ↑

This from ZeroHedge

For the 5th day in a row, "someone" has decided that 0030ET would be an appropriate time (assuming the 'seller' is an investor who prefers best execution rather than the standard non-economically-rational share-repurchaser in America) to be dumping large amounts of precious metals positions via the futures market. Tonight, with over 13,000 contracts being flushed through Gold - amounting to over $1.5 billion notional, gold prices tumbled $20 to $1151 (its lowest level since April 2010). Silver is well through $16 and back at Feb 2010 lows. The USDollar is also surging.
The timing of the dump is right as Japanese trading breaks for lunch

source:-

http://www.zerohedge.com/news/2014-...cution-dumping-15-billion-gold-futures-0030et

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Hi timber

The concentrated selling is not how anybody would conduct their business if it was simply a matter of "banks who have hedged the price risk by selling futures". The recent action is clearly aimed at driving the price down.

There is obviously somebody with very deep pockets plying some kind of paired trade .... possibly, selling gold and buying $US

Last edited by Dazedandconfused: 06/11/14
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The gold bull ... it's over ... it's over ..., page-179

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