Here is part of what I posted on the gold thread on 12 Feb
"My take on why goldies have been retracing so badly since October 2012 is that fund managers have been reducing their investments in mining companies, and especially gold producers, because of their past failures to deliver a suitable return to investors (ie yield rather than capital appreciation, which can vanish fairly quickly).
This has resulted in a lot of shorting around the time of quarterly reporting season driving goldie share prices lower than they would be. That may be putting pressure on gold funds to sell some of their holdings as investors redeem their money from them. This has the hallmarks of s self-sustaining downward spiral until either the POG makes a major run up or miners look like delivering for investors. Traders are using this cycle to their advantage, while it lasts. "
By the way, what or who is BCS? Is there a link to what you have posted?
loki
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