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Pullback underway, but may be brief
Alex Stanczyk (March 3rd, 2009) Writes:
By: Gene Arensberg
HOUSTON — As expected gold paused just after attempting a second assault at the big round number target with three zeros, US$1,000 this past week. We could all feel a pullback or correction coming.Apparently sensing that the market for gold had moved too far or too fast, the very large commercial futures traders had strongly positioned for a gold correction as readers of this report know. They finally got a correction going this past week.Gold had advanced a total of $326, or 47%, since its October panic lows near $681 in not all that much time. Indeed, the largest of the largest futures traders were evidently willing to take the short side of gold futures contracts aggressively as gold was crossing the $900 line of the gold futures battlefield as we reported in early February. As the yellow metal neared the $1,000 mark mid-month,
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Alex Stanczyk, Arizona, Barclay's iShares COMEX Gold Trust;, Barclay's iShares Silver Trust;, Bill Murphy, BMO Capital Markets, Brien Lundin;, central bank fire hoses;, Chicago, China, Chris Powel;, Chris Powell, Coxe Advisors LLC;, david morgan, donald coxe, energy, financial media, Gene Arensberg, gld, Glendale;, Gold Anti-Trust Action Committee, Gold Bullion Securities Ltd;, Gold Markets, investment bank traders;, iShares Silver Trust, Jason Hommel;, Jay Taylor, Jefferson Direct;, Joe Martin;, JP Morgan Chase, London, London Bullion Market Association, Louisiana, metal, metal holdings;, metal rises;, metal warehouses;, Michael Berry;, mining, Oil, overheated energy markets;, Peter Grandich;, Phoenix, Russia, silver metal;, SLV Metal Holdings;, SPDR Gold Trust, Supply Chain, Ted Butler, Thom Calandra;, Toronto, U.S. Treasury Department, United Kingdom, United States, Us Federal Reserve, USD, world gold council, yellow metal
Alex Stanczyk, Arizona, Barclay's iShares COMEX Gold Trust;, Barclay's iShares Silver Trust;, Bill Murphy, BMO Capital Markets, Brien Lundin;, central bank fire hoses;, Chicago, China, Chris Powel;, Chris Powell, Coxe Advisors LLC;, david morgan, donald coxe, energy, financial media, Gene Arensberg, gld, Glendale;, Gold Anti-Trust Action Committee, Gold Bullion Securities Ltd;, Gold Markets, investment bank traders;, iShares Silver Trust, Jason Hommel;, Jay Taylor, Jefferson Direct;, Joe Martin;, JP Morgan Chase, London, London Bullion Market Association, Louisiana, metal, metal holdings;, metal rises;, metal warehouses;, Michael Berry;, mining, Oil, overheated energy markets;, Peter Grandich;, Phoenix, Russia, silver metal;, SLV Metal Holdings;, SPDR Gold Trust, Supply Chain, Ted Butler, Thom Calandra;, Toronto, U.S. Treasury Department, United Kingdom, United States, Us Federal Reserve, USD, world gold council, yellow metal
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