Blood In The Streets Of Gold Market. Repeat Of 1970s Bull Market?
GoldCore
GoldSeek.com
Friday, 28 June 2013
Gold has inched up this morning after it dropped under $1,200/oz yesterday, which triggered stop loss selling and additional pressure from funds quarter end selling. Although bargain physical buyers in the Middle East and Asia continue to scoop up gold, it has not been enough as of yet to put a floor under prices.
Very little has changed regarding the positive supply demand dynamics of the gold market and much of the recent weakness is due to panic liquidations by speculators, technical trading and momentum.
The 25% price fall this quarter appears to be the biggest price fall ever.
There is blood on the streets of the gold market with many speculators having been badly burnt. The smart money such as Einhorn, Paulson and Bass have not liquidated and have maintained their positions. Indeed, we expect that big money internationally will be licking their lips at the prospects at accumulating gold at these price levels.
As per the unfortunate words of Rothschild – “the time to buy is when there is blood in the streets.”
Bloomberg Poll: Gold And Silver To Rise 25% And 43% By Year End
The Rest…HERE
