Gold Trader: “Expect Margin Calls Monday Morning As Big Players Do Whatever It Takes To Get Physical Metal”
“BullMarketThinking.com”
Following Friday’s panic sell-off in gold, one of the world’s top gold traders and recent interview guest, Gary Savage, shared some powerful commentary on what the smart money is doing in the market right now.
Gary said, ”Let me be clear. Just because we got a max ‘Blees’ rating and a large ‘Buying On Weakness’ (BoW) number Friday doesn’t mean the bottom [actually] occurred [on] Friday. It almost certainly didn’t. Margin calls are going out Monday morning [which] is probably going to continue the selling at least into the first hour or two, and it could continue until options expiration, although I doubt we have anything like what we saw on Friday ahead of us. That was a stop-run, and there were obviously a whole lot of stops [hit] below $1523.
That being said I think the [large] BoW number is a clue that this was a manufactured event, and as such it means there are big players that want into the market. They want in because they know [where] the market is going. Of course there’s no way to know for sure unless you are the party or parties that created the [selling] event, [but] only they know for sure if the support was breached intentionally.
Because of the BoW, COT levels and duration of the intermediate and yearly cycle I believe this was a staged event. I’ve been through dozens of these yearly cycle lows in my career, I know how they go. I said weeks and months ago that almost no one would make it through [this bottom]. That [comment] wasn’t meant to be snide, I’ve just seen enough of these to know that technicals get broken during yearly cycle lows and [it] almost always knocks out the majority of traders.
“BullMarketThinking.com”
2013-04-14 11:48:51
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