Kitcommentary from Kitco Metals Inc. - "Will The Real Santa Please Stand Up?"
Category: Investment, Gold, Mining
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December 10, 2012 (Investorideas.com Mining stocks newswire) Metals markets moved higher this morning on anticipation that Mr. Bernanke will cut in front of another bearded gentleman (due in two weeks or so) and dole out some green-hued presents early.
The naughty and/or nice recipients of such putative gifts would then rush out and buy all sorts of assets they have evidently been placing on their wish lists over the past month but did not dare buy, owing to the Grinches fighting in Washington. Things like long gold contracts, certain stocks, etc..
When it comes to QE, why, it has been the single best carrot to be dangled in front of gold ALL year long. Too bad small investors are no longer biting on that carrot. Dealers still report more selling than buying. This is a spec market if I ever saw one. And I saw about 35 of them...
But, hey, perhaps after the longs dumped nearly 150 tonnes of long gold positions last week, maybe this is not just Fed-based overeager anticipation but a "let's try in the other direction for a change and see what happens." Gold was down seven+ weeks outof the last 10 or so. Let's play the technicals: 1680-1730
And, don't forget: Arrivderci Signore Monti! The unthinkable (a reinstalled failed cruise ship lounge singer coming back to power in Rome ) can still happen. What did they do to deserve this in Italy, Santa?
Kitco Metals Inc.
US & Canada Toll Free: 1 (877) 839-8036
Websites: www.kitco.com and www.kitco.cn
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