No significant change to the USD or AUD gold price but some fairly heavy selling today on the Australian gold stocks. Northern Star - Down 3.4% Newcrest - Down 4.4% Silver Lake - Down 4% Anyone have any theories on why the Aussie gold sector is facing a broad sell off today?
Dudley came out pretty hawkish last night when some data came out and sent the US dollar down and gold up. Might have something to do with it. edit here an article. http://www.marketwatch.com/story/feds-dudley-says-september-rate-hike-is-possible-2016-08-16
I've been tempted by NST and DRM, but if you look at a weekly or monthly chart of NST, it's only a blip so far. I already have enough DRM, so I'll only add if it gets savage. As for theories, my guess its only short term noise so far. A Reserve bankster commenting - so what? Must be a lot of jumpy holders ready to protect profits in gold stocks. Please sell.
It doesn't make sense. Regardless of the "hawkish" comments, the price of gold has not really changed. Normally a sector wide move in Aussie gold stocks would be due to a move in the gold price, or the AUD or something they all have in common. But it's just not there. I wonder if some of the speculative longs are unwinding their leveraged gold plays. (It's what I have done myself) Is it possible that the Aussie gold stocks are actually a leading indicator rather than one that lags the gold price? We might find out tonite. I will be on smackdown watch....
someone on hotcopper mentioned soros selling. a quick google shows soros sold down his barrick holding. http://www.bloomberg.com/news/artic...barrick-gold-posts-best-ever-first-half-rally
I think everyone including the instos, are just cashing a few chips to be in a position to buy into BLK when they announce tomorrow first pour of their Blue Chip future was a success. Glasses high to those in @ circa 20c.
