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Volatility Chasing Goes Gold: Precious Metals Drop On Year End Profit-Taking Rumor

Posted By admin On December 8, 2010 @ 9:05 am In Money Watch | Comments Disabled

Tyler Durden
Zero Hedge [1]
Wednesday, December 8, 2010

Both gold and silver are having a rough day to say the least. After a forced slide in the gold complex pushed the metal to sub $1,380, fueled in part by recurring rumors of a large macro/commodity fund taking profits ahead of the year end, numerous stops were triggered, bringing it to nearly $1,370, almost $50 below the all time high reached, oh, yesterday. And since traders are now desperate for volatility, which has disappeared from stocks, the daytrading crowd has taken over both the precious metals space… and the bond market. That said, momentum chasers entering the gold and bond market may have the makings of the greatest comedy witnessed in markets in the past several years.

Volatility Chasing Goes Gold: Precious Metals Drop On Year End Profit Taking Rumor Gold%2012.8 0 [2]

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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/article/volatility-chasing-goes-gold-precious-metals-drop-year-end-profit-taking-rumor

[2] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/gono/Gold%2012.8.jpg

[3] Gold Surges, Hits New All Time High Of $1,437 After Precious Metals Talked Up During PDAC Conference: http://www.prisonplanet.com/gold-surges-hits-new-all-time-high-of-1437-after-precious-metals-talked-up-during-pdac-conference.html

[4] Gold Buying Panic In China: 10,000 People Wait In Line For Their Chance to Own Precious Metals: http://www.prisonplanet.com/gold-buying-panic-in-china-10000-people-wait-in-line-for-their-chance-to-own-precious-metals-stunning-pictures.html

[5] Major Precious Metals Retailer: “We Have Been Experiencing Astounding Volume”: http://www.prisonplanet.com/major-precious-metals-retailer-%e2%80%9cwe-have-been-experiencing-astounding-volume%e2%80%9d.html

[6] US gold ends above $1,090/oz on currency volatility: http://www.prisonplanet.com/us-gold-ends-above-1090oz-on-currency-volatility.html

[7] Montana Legislation Would Allow Payments in Precious Metals: http://www.prisonplanet.com/montana-legislation-would-allow-payments-in-precious-metals.html

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