That news is almost 2 days old now, and it didn't stop gold's momentum much at all. Congress would still have to approve the sale of that gold, and it is doubtful they would approve it since it is an election year.
the IMF in the past has made the same noise, but wouldn't implement reforms demanded by the US. so the gold sales were vetoed.. but with the US broke, we will likely give in to something... although it may be in the best interests for the planet to keep the corrupt IMF crippled
with all due respect SURF ... it will be hard to slam the PM complex lower with the USD still on the ropes and "peak oil" still a possibility
Well, Surf was a tad early on his call, but overall it was a great short. Keep in mind, highly paid Karen Finerman of Fast Money fame has been long this piece of crap for quite a while.
anybody following this guy on trade ideas in commodities is mental. his track record is abismal, I would not be surprised if he is a net loser shorting commodities
Quote marketsurfer its a combination of factors. i don't want to go into the details, suffice to say, i am very confident in this happening. surf It's a good thing you have a salary job! Never quit!
I remember some shill writer in the WSJ saying gold couldn't possibly maintain price when it hit $500 an oz a few years ago. You've got to learn to ignore the noise from confused trend speculators. Look at the fundamentals - M3 velocity, oil/gold ratio. And yes, the Central Banks will always try to stall a rally by selling gold to prop up their paper. Nothing new, it just gives you longer to react.