Why would it rally before the Fed announces a rate hike in a month or two? I just don't see it happening....and even if it did, it would be short lived.
Read more: http://www.smh.com.au/business/markets/gold-price-crashes-as-chinese-offload-20150720-gig1yp.html
Perhaps some quick liquidity to satisfy those margin calls under way. It feels a little bit like 2008 when the metals went down sharply prior to the stock market turmoil. Gold then punched up 10% in one day. Silver then already probably overvalued suffered for another year before the ratio corrected then kept on rising from memory. I think there is a fairly solid floor in silver today with prices already like a vice preloaded based on the last few months of what seems like bottom grinding. Be fascinating to see if it goes much further down. How far it undershoots good value and for how long.
I'm not sure the Chinese sold any gold? Don't they have a policy of only accumulating? Perhaps they are trying to meet margin calls themselves in desperation? Could be just propaganda to keep the sheeple away. Baah Baah
Yes, if the Chinese are indeed selling, then the cold snap we are having here ATM may seem like summer in the months to come.
Did anybody actually sell 5 tonnes of physical gold or did 5 tonnes worth of futures contracts get sold ? Similar things happened right before the last big smack down - somebody trying very hard to push the price down. If you really had 5 tonnes of gold to sell you would you really do it in a few minutes so you got less for it than if you sold slowly ?
Let me see, that would be because?: -You have deep pockets -The money is not yours anyway -Your intent is to influence the price -You have a larger objective to maintain the current system -You have no concern of breaching any laws where you have forgotten your oath of office and believe you are operating under the protections of the establishment and can not possibly be personally liable for such manipulations - You were just following orders and forgot about one of the key determinations of the Nuremburg trials
I think physical was sold all at once at a specific time to ensure they weren't impacted too seriously by a price drop, or maybe they were predicting falls when other markets open and dumped gold and will buyback at a lower price later.
My target is $900-$1,000....BUT....I'd rather buy wayyyy more silver at $13 USD. lol 10oz sunshine bars of silver can be had for $155. One could say I'm slightly foolish for waiting....but I don't mind holding off. My stacking is for the longggggg term.
