This time last week gold was at $1650aud and now its at $1550aud. Im just wondering if anyone knows the reason why gold as well as other precious metals dropped so much in such a short period of time?
All part of the plan. Massive increase of shorts and some well timed Fed comments right when gold was approaching a well established line of resistance on the downward trending gold chart. Smackdown was well executed and now it's the "geniuses" using "technical analysis" who blindly follow the trend and are selling it down. The greed of those guys is what makes the bigger move (and also lines the pockets of the Fed cronies who took the big shorts near the resistance level) I, like many, will not be buying again until some kind of support is found. It's unlikely to be this month....
I'm buying more now, because whilst I think gold will go a bit lower, I have no idea what the AUD is going to do.
If you are concerned about AUD going down then I'd recommend buying USD ETFS on the ASX or even Bitcoin. Though it might be a bit late to be recommending Bitcoin. While Gold failed to have an upside breakout, Bitcoin has broken out quite spectacularly.
or you could create a paper facsimile and use that to destroy the masses' belief in gold as a store of value. and now: