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

IMG Auteur
Published : January 29th, 2013
288 words - Reading time : 0 - 1 minutes
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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...]

Companies Mentionned : Metals X |
Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
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Tim Iacono is the founder of Iacono Research, a subscription service providing market commentary and investment advisory services specializing in commodity based investing.
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