Gold was pn a huge push on friday after its short sharp fall on huge volume all week,,,and by huge volume, four days of 1.5 billion in $ per session approx."....initially spurred by roubini who sat on the number one headline, QE definitley by third qtr
Gold rises in expectation of qe announcement but Bernake makes his speech, which was as expected,,no QE, market recovery not as robust and we have further tricks if needed,,,gold starts falling in line with bernake info, 1800 to 1765,,,,,,market tanks 200 points as it disappointed and gold then begins to stabilize,,,,,,,,,,as market hits lows gold recovers again,,,,,,, but out of no whete a sigh of relief,,, market reverses goes green and gold under pressure again,,,,but low and behold gold then moves up again,,,,,,,,,,,on terror attach in nigeria and problems with cyclone irene........finishing the day at1797 but spot in thin trade goes even higher after close of comex in electronic trade......
What intrigues me is that with this blistering swing,,,there was literally no change in the gold held at the spdr gold trust, how can you get an item to go nuts like that but without one net new holding as the day before....domt ask me,,but i thought it was very interesting, 1232 tons held friday when hits 1703 and 1232 tons held as it hits 1797
An amazing trade friday
NCM Price at posting:
$39.49 Sentiment: Hold Disclosure: Held