Gold and Silver Prices Smashed Down
Gold and Silver have declined significantly in New York COMEX and Globex trading. Gold has ended the week down $87 from Thursday’s COMEX close to $1477, a decline of 5.5%. Silver declined $1.71 to a suspicious looking $25.99, a decline of 6%. Rumours in the market have surrounded the need for Cyprus to sell its nation’s gold reserves to help make up the shortfall in the IMF/ECB bailout package, although a more significant rumour is of a Morgan Stanley trader dropping 4 Mil oz of gold during the COMEX session which then triggered stop-loss levels of other market participants, particularly as the price fell through $1500. To give you some prospective on how much 4 Mil oz of gold is, it equates to approx 125 tonnes, $6 Bil or 56% more gold than the gold reserves of the Reserve Bank of Australia (RBA reserves are 80 tonnes). Obviously this drop of gold was in paper form, not physical, otherwise there would be a very large dint in the pit floor of the COMEX.
Expect Chinese buyers to gorge themselves come the Hong Kong and Shanghai open on Monday morning.
| charts from goldprice.org |
Marc Faber’s view on the gold price fall:
Analysis from Ashraf Laidi in London (click on image to access video)
2013-04-12 17:32:01
Source: http://ausbullion.blogspot.com/2013/04/gold-and-silver-prices-smashed-down.html
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