It’s Getting Hard To Be A Gold Bull These Days

IMG Auteur
Published : January 29th, 2013
288 words - Reading time : 0 - 1 minutes
( 1 vote, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

[Some excerpts from the latest issue of the Weekend Update in the subscribers section of the website.]

Driven higher over the last month due largely to the prospect of increasing central bank money printing, gold and silver challenged important price levels early last week but failed to hold them, spurring technical selling that led to their sharpest weekly declines since mid-December.

24hGold - It’s Getting Hard To...


A short-term resolution to U.S. budget deficit troubles and yet another gold import tax hike in India were negative developments for precious metals, while central bank actions and strong demand for physical silver were positives, however, traders were clearly more influenced by the former than the latter.

It’s getting hard to be a gold bull these days and even more difficult to be optimistic about mining stocks as noted in this article last week.

For the week, the gold price fell 1.5 percent, from $1,684.70 an ounce to $1,659.30, and silver dropped 2.2 percent, from $31.89 an ounce to $31.18. Gold is now down 0.9 percent this year, 13.7 percent below its 2011 high, and silver is up 2.7 percent in 2013, down 37.0 percent from its high almost two years ago.

Technical selling on Wednesday sent precious metals tumbling as the failure of the gold price to reach the important $1,700 an ounce mark and silver stalling below $32.50 an ounce reportedly caused speculators to liquidate long positions. This led to a tumbling silver price and the biggest one-day decline in three weeks for gold that, as shown below, is now well back of where it was at this point during the last three major corrections going back seven years.

[To continue reading this article, please visit Seeking Alpha, where this story already has 190 comments...]


Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
<< Previous article
Rate : Average note :5 (1 vote)
>> Next article
Tim Iacono is the founder of Iacono Research, a subscription service providing market commentary and investment advisory services specializing in commodity based investing.
WebsiteSubscribe to his services
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Predicting The Next Crisis, Programming Behavior: “The Ability To T...
18 JanS W.
Excellent article with a small touch of healthy paranoia. Good idea, 'leave the phone at home sometimes' Go smell the roses !
Racism-O-Rama
18 JanS W.
Fancy specialising in race and gender studies ! And then do exactly what? I suspect, write papers ad infinitum that hardly anyone would read.
Who Moved My Xanax?
17 JanThemis0
I actually agree with a lot of what Trump says while deploring the tone and his lack of judgment in making such remarks publically while in office.
Socialist Dystopia: Starving Venezuelans Loot As Runaway Inflation ...
17 JanThemis
There is a 19th century English word that is particularly appropriate in this instance - "kakistocracy", i.e. government by the worst or least qual...
Who Moved My Xanax?
15 JanMr. Gnawbone1
It is an exploitation of the ignorant and uninformed population, but that is what happens when they pay attention to meaningless information and ...
Racism-O-Rama
15 JanMr. Gnawbone1
It sounds racist, so it has to be. Overton Bubble at work, the faculty were programed to respond as if to a Pavlovian Bell. There is no way to ch...
Racism-O-Rama
16 Jandennyc3
Ah, yes, black welfare recipients receiving our hard earned and easily spent tax dollars and providing us nothing save their lives for our investme...
Racism-O-Rama
15 JanDoom2
It's not just the English that is considered RACIST, it's also mathematics, and a wide range of other things: http://professorconfess.blogspot...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.