Caesar Bryan: Yesterday’s Gold Selling Raises Serious Red Flags
March 1, 2012
Today 25 year veteran Gabelli Gold Fund manager, Caesar Bryan, told King World News that yesterday’s selling in the gold market raises some serious red flags. Gabelli & Company has over $31 billion under management and Caesar Bryan has managed the gold fund since its inception in 1994. Caesar also said the activity was very suspicious because the selling was not designed to maximize revenue. Here is what Bryan had to say about the situation: “What we saw yesterday in the gold market was very large volume just pounding the market lower and it raises the question, is this a seller who is trying to maximize his revenues? The answer is, maybe not because it was very sudden and the volume appeared to be very large.”
Caesar Bryan continues:
“This is actually similar to other experiences that we’ve seen in the last year where there has been a very sharp, sudden pullback in the gold market. But what I can tell you is the seller was not looking to maximize his revenue from the sales and to market participants like myself and others this is strange. The design of the selling raises serious red flags and leaves some questions unanswered.
I can only say the action was very odd and that’s as far as I want to go because I don’t know what the seller’s or sellers’ motivations were. We have seen this on a number of occasions over the last year where indiscriminate large selling will come in and the gold price falls like a stone. Sometimes gold falls $50 to $80, literally, within a few minutes….