Friday, January 3, 2014

A warning for goldbugs today

Just as a warning to the goldbugs:

Apparently there are three different occasions today where some Federal Reserve person is going to be speaking somewhere about something, with Bernanke Himself the main act sometime in the afternoon or something. Go look it up if you want details.

Point being, whenever someone from the Fed talks about something, there are instinctive knee-jerk moves in the PMs. And maybe they'll be amplified today by a lack of volume?

And, of course, people know this ahead of time, so it might even be that people sell ahead of the speeches. And that anticipatory selling will be amplified by lack of volume.

Personally I am more interested in the fact that gold has popped twice on the China open.

1 comment:

  1. The oracle speaks: