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.”

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