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« Billionaire Eric Sprott – Gold And Silver Smash & The Greatest Danger In World Markets Today | Main | Historic Revolt Against Corrupt Western Banksters Now Underway »
Tuesday
Feb032015

Roubini gives a talking to gold bugs, other 'pseuds and hacks'

The gold price suffered another down day on Tuesday as large investors reduce long positions built up in the market in the run up to the metal's January 22 high of just under $1,308 an ounce.

Net long positions – bets that the price would go up – held by hedge funds and other so-called "managed money" speculators climbed by 10 million ounces in January, reaching the highest level since December 2012.

But the apparent averting of a single currency crisis sparked by the Greek election provided the opportunity to liquidate some of the bullish positions and shift focus back to US economic fundamentals, the rampant dollar and a likely June rise in interest rates.

At $1,260 an ounce late on Tuesday, the metal is still trading up some $80 or 6.4% in 2015, but the strong upwards momentum was broken last week Thursday when the price plunged $35 during the worst trading session in more than a year.

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Is the bottom really in? Could there be a final capitulation just ahead of us? Have you plenty of cash to take advantage of the coming bargain prices?

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Reader Comments (4)

The "Read more" link doesn't work.

February 4, 2015 | Unregistered CommenterJosh

Quote: Is the bottom really in? Could there be a final capitulation just ahead of us? Have you plenty of cash to take advantage of the coming bargain prices?

Can you guys take a stand one way or the other? Are you bears expecting long-term lows to maybe $700 or less, or are you long-term bulls seeing >$2500 sometime over 2-3 years?

February 4, 2015 | Unregistered CommenterMyke

Josh,

Thanks for the heads up about the link which has now been rectified, Bob

February 4, 2015 | Registered CommenterGold Prices

Myke,

We are bulls at heart and were onto it about 10 years ago or so when we launched this website.

However, this bear phase isn't over yet so we are keeping our powder dry, as they say.

Apart from a few shorts which have rewarded us we remain about 70% in cash at the moment.

In 2013 and 2014 the US dollar outperformed gold so we were glad to be there.

The turnaround may be close but its still too early to tell.

cheers, Bob

February 4, 2015 | Registered CommenterGold Prices

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