Market Report: Waiting on the Fed

The bears are quick to point out that $1200 and $17 levels respectively are being breached, and the downtrends are being resumed. This view suits the large bullion banks, which have been running short positions, because it has panicked the managed money crowd into closing their longs on Comex. All this has nothing to do with physical demand, and it is likely that Asians, who are value buyers, are adding to their holdings. Furthermore, the central banks, which tend to buy when physical is offered, are also buyers. So, what this is about is about the dollar, Comex, and nothing more.

Gold and silver continued to decline over the week, along with base metals and oil. Gold fell $40 from last Friday’s close to $1195, and silver by 112 cents to $16.85 in early European trade this morning (Friday).

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First published here: Market Report: Waiting on the Fed

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