Anatomy of a Takedown

Posted by on March 7th 2012 in Bailout, CFTC, China, Federal Reserve, General Economy, Gold, JPMorgan, Monetary Policy, Quants, Short Sellers, Silver, Wall Street | Be the first to comment!

Offering his take on the takedown in gold and silver last week, Dan Norcini tells King World News that while people will tend to blame it on the bullion banks, “I don’t think that’s the case this time…. I think what happened last Wednesday was bullion bank selling related to central bank intervention … which was timed with Bernanke’s Congressional testimony.  That did get the ball rolling, but once these guys create enough downside momentum and downside support levels are breached, the bullion banks don’t have to do any selling.  At that point, the hedge funds and algorithms start to do the selling for them.”

Related Links:  

Reuters:  Gold rises on optimism over Greek debt, U.S. jobs

Wall St. Cheat Sheet/Jim Sinclair:  Gold and silver rise on new Fed bond-buying chatter

GoldSeekStealthy QE3

Resource InvestorBuy the dips – it’s a long-term bull market

MarketWatch:  Gold market sentiment finally improving

P. Radomski:  It’s time to be bullish on gold

Seeking Alpha:  Increasing correlation between gold and stocks: What are investors to do?

Bullion Vault:  Inflation ahead:  Buy gold or buy stocks?

Coin NewsU.S. Mint sales: Demand jumps for bullion coins

Coin Week:  How mints are dealing with increased precious metal price volatility

Mercatus Center:  U.S. debt grows at a faster rate than economy for foreseeable future

Zero Hedge:  China moves to further marginalize dollar

Financial Times:  The pain in Spain will test the euro; Investors struggle to make sense of Greek deal

Spiegel:  Rift grows between Germany’s Bundesbank and ECB

Smart Money:  Fit to be tied: $19,000 gold shoelaces

No TweetBacks yet. (Be the first to Tweet this post)

Leave a Reply