Last week there was huge volumes into a number of goldies… appeared to be for no apparent reason. Earlier this week there have been reports of Iraq govt buying $1.5B of gold and Chinese gold import being 25% higher. It does suggest that the buying towards the end of last week was not random after all and there are better informed participants in this market.
Now as a number of investors have suggested, we can sell down goldies as the POG has gone down or follow the lead of smart money which continues to invest in gold. It is typical of these hedge funds to quietly acquire assets and then when sufficiently stacked up, will talk up the POG. I am still holding on to my portfolio.
SLR Price at posting:
44.0¢ Sentiment: LT Buy Disclosure: Held
