This is getting ugly, very ugly.
Gold has just been smashed on news that there is more QE than expected in England! Talk about a counter intuitive move. Seems every piece of gold bullish news results in gold getting smashed.
Wonder why?
There is the potential for a very, very sharp move in gold tonight with the following key economic news being released in the USA:
1. Housing Starts
2. Producer Price Index
3. Fed minutes
No need to mention gold shares.
In the current environment if gold drops 1% gold shares will be smashed down 5%. Now that's leverage to the gold price.
Problem is in the current environment if gold is lucky enough to rise 1% gold shares will do next to nothing and should the Dow fall then gold shares might just as easily ignore the gold price rise and fall along with the rest of the market.
So at present there's plenty of leverage to a decline in the gold price but next to none to any rise in gold imo.
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- gold us$1593 .... folks look out below imo
This is getting ugly, very ugly.Gold has just been smashed on...
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