What is your rationale for the rout in gold? Is there a large seller getting out? The sector has been wrought with losses for the past two weeks, which has coincided with a revival of rate hike talks. This should come as no surprise to any of you. Furthermore, in spite of liking gold for its defensive qualities, this is precisely why I jettisoned all of my gold holdings a few month ago.
Data courtest of Exodus, mankind’s single best market intelligence platform.
As you can see by the chart below, valuations, although elevated from recent lows, is nowhere near the nosebleed territory of the pre 2010 era.
With today’s 1.2% drop in gold, the sector is getting clawhammered lower, poleaxed even.
It’s worth noting, the mood is entirely glum in the commodity sector today, as it is rife with sellers emanating from the oil patch. WTI crude is now lower by more than 3% for the day.
God save Dennis Gartman.
If you enjoy the content at iBankCoin, please follow us on Twitter
Market is such a snoozer anymore.. somebody send me a feather pillow
Rinse and repeat, rinse and repeat
From Zero Hedge:
“Someone Just Puked $1.5 Billion Of Notional Gold, And The Selling Continues”
http://www.zerohedge.com/news/2016-08-24/someone-just-puked-15-billion-notional-gold
Who would do such a thing?
It is linked in post
Sorry ’bout that. Left my A game at home today.
JNUG down $60 and counting. Finally there is order in the universe,