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Midas mine and mill
Monday July 20 has gone on record as a memorable day, actually one of the most remarkable ones that the world of gold will remember for a long time, if not forever. As it turned out, the gold price suffered from a series of market actions in the Far East that were never seen before and took everybody in Europe and North America by surprise while the financial communities were still asleep. Of course, the immediate reactions were all resembling astonishment but at the same time, the curiosity about the causes started to come to surface. Not surprisingly, the first ones to react were those who had been negative on gold for some time already. And sure enough, they were telling us “we told you so” and predicted that gold would now go straight down to the magic $1,000 level and then continue onto its further demise to $900, $800, $700, $600 and even lower. What I found remarkable, although I have seen it before, is that there were quite a number of negative predictions coming from people that I never heard about gold before. On earlier occasions, I have labelled them as “career hunters”, seeking their claim to fame for “having been right” if and when their predictions would be coming true.
The recognized gold commentators were wise enough to ventilate their comments right away and observe the developments after the 20th. Rather understandable because the real causes of the gold break-in became not clear immediately. The first days were filled with several speculations about who where behind the sudden fall of the gold price. The most fingers pointed to China supposing they wanted a substantially lower gold price to take advantage of to increase their gold holdings. Not an unlogic reasoning because a) China wanted to step up their gold buying after the comments on the recently disclosed ‘disappointing’ new gold holdings figure of 53.32 million ounces, b) China wanted to divert attention from the four-week drop of its stock market prices, c) China saw the value of its currency weakening as a result of lower economic indices. A little later, the World Gold Council issued a special publication on what happened on that particular Monday, which included the revealing news that on that day 4.7 tonnes of gold was off-loaded on the Shanghai Gold Exchange. In comparison, normal daily trading on the SGE amount to around 40 tonnes……. In addition to the off-load at the SGE, volumes of trading on the COMEX showed remarkable peaks at around the same time. (In case you did not notice yet, the link to the revealing information from the World Gold Council, was and still is posted above on the HOME page of this site. In addition to this, an interview that Kitco’s Daniela Cambone recently had with WGC’s director of investment research Juan Carlos Artigas was posted there today). Then, a few days later, China announced that it had bought over 600,000 ounces of gold at the end of July and announced an official devaluation of the yuan. With a scenario like this, it is not really strange that the already since long appearing talks about gold manipulation have been gaining more attention.
As I have mentioned in several of my previous editorials, it is very understandable that investors in gold and gold mining shares have been quite confused by all the recent developments and the news that has been brought with it. In the last week we could read one major research house saying that gold could indeed go considerably lower and on the same day another major investment banker saying that gold would hold and recover to the $1,200 level in the foreseeable future. And if you would be following the markets and the comments as closely as I do, you would know that there are many more contradictory publications coming out every day. What is wisdom and how do you make up your mind as an investor? I reiterate the opinion that I have expressed earlier: I cannot find any solid or convincing reason why the gold markets would dwindle much more lower than the current levels. It could very well be that the recent $1,080 level will turn out to be the resistance point from which a recovery can be build over time.
150720: “GOLD PRICE UNDER SERIOUS PRESSURE”
150709: “GOLD BEHAVES LIKE NOTHING HAPPENED AROUND GREECE”
150619: “IS GOLD ONLY DEPENDING ON INTEREST RATES?”
150525: “GOLD STRUGGLES ON WITH MEDIOCRE PERFORMANCE”
150504: “CASE FOR GOLD IS WARMING UP INTERNATIONALLY”
150423: “MINING AND EXPLORATION COMPANIES IN GOOD SPIRIT”
150412: “70 QUALITY PRECIOUS METAL COMPANIES IN ZURICH
150401: “APRIL FOOLS’ DAY BRINGS NOTHING NEW TO GOLD INVESTORS
150323: “GOOD-OLD” U.S.$ NO LONGER WORLD’S LEADING CURRENCY
150316: GOLD PRICE BACK AT DECISIVE LEVEL AGAIN: SIT TIGHT
150308: GOLD PRICE HAMMERED BY REACTIONS TO U.S. JOB FIGURES
150302: I CAN IMAGINE GOLD IS STILL CONFUSING INVESTORS
150216: GOLD ALWAYS GETS ATTENTION BUT WATCH SILVER TOO
150208: WHY IS IT THAT THE GOLD PRICE GOES DOWN EVERY TIME
150126: EUROPEAN MEASURES TO STIMULATE ECONOMY COPYING THE U.S.
150118: A NEW GOLD CYCLE? IT COULD VERY WELL BE!
150101: A NEW YEAR, A NEW WEBSITE, A NEW GOLDVIEW: A NEW GOLD CYCLE?
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