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In The Lead – The Panic In Needle Park

2012-03-07 20:14:21 (читать в оригинале)

Gold traded at a month-and-a-half low on Tuesday and its 50, 100, and 200-day moving averages were all either touched and/or demolished amid a fresh bout of heavy selling by speculators of the institutional ilk. More on that phenomenon, later. After touching a low near $1,662 the yellow metal closed in New York at the $1,674 spot bid level, down about $32 per ounce. In news from the world of gold fundamentals (still largely ignored), we reported the other day that Aussie output was flat year-on-year. Overnight, we learned from the USGS that US gold production rose by 4% in 2011 and that it climbed by 10% in the final month of the year [...]