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The following note is from Tim Gardiner, who is Managing Director at TD Securities:


“In a deja vu of yesterday, another large sell order hit the electronic futures (we think approximately 800,000 oz), send gold from $1,285 to under $1,260 in quick order.  We have since stabilized in the mid 60's but it appears that deep pocketed speculators may have decided that shorting gold is the “trade de jour”.  Gold volume is up 1% and gold interest rates up 50 bp as the short positioning increases....


Continue reading the Tim Gardiner note below...




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“We actually had a rather easy PM Gold Fix, with 68,000 oz offered against 88,000 oz wanted at $1,265.50.  That was the lowest PM Fix since July 10th, and we remind readers of the dark days of the early summer when gold fixed at $1,192 on June 30th before bouncing back over $200.  For now, gold is in the hands of the speculators and given the lack of participation this week, “down” is the path of least resistance.  Asia has been buying gold on this sell off, and we hope to see a re-emergence of physical demand next week.”


King World News note:  Once again we have more mysterious selling out of nowhere in the price-controlled gold market, noted by Gardiner and TD Securities -- Nice work Gardiner.


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Eric King

KingWorldNews.com

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