With every major market down today in Europe and Asia at the moment and the US down on the pre-open how could Gold do down??
What I see in these large inexplicable daily shifts is that the POG is somewhat disconnnected from market fundamentals like the state of stocks (market indices) and the overall health of the global economy.
It seems to be all about the state of US dollar at this point. Now I don't know whether there is a conspiracy to fix POG. And the conspiracists, if they exist, could not stop the run to $US1300 so they are not in full control.
But I DO think that the market will eventually find a way to accurately reflect financial and economic realities, despite the increasingly ineffective efforts of Central Bankers. Well that's what I think anyway...
