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Posted

Fantastic opportunity to be a buyer. Bring a bag, a truck, whatever you got – buy! Buy! Buy!

The only reasonable explanation of this that I heard was Cyprus being forced to sell off their gold reserves to cover the costs of the bailout. Makes you wonder, if they had enough reserves to move the market like this, why did not they sell it in first place, why bother with the whole “haircut” bs? Isn’t it why they have those reserves to begin with?

Anyone heard of other reasons?

 

Posted

It's because of the sell recommendation. Peter Schiff has been talking about it for several days on his show.

Now is a good opportunity to take advantage.

Posted

 

@Lightningrod, thank you for sharing this.

@Alan, do you have a link to what he said the reasons for his recommendation would be?

I am still not clear on the “why”. GS issued their forecast on Wednesday, the market started going south mid-Friday – there is no way 24-hr market would take that long to respond. On top of that GS has been shorting gold for some time now – COMEX saw a notable increase in short positions for the last three months. “US economy growth to accelerate”, “support for real rate” – What growth? What rates, near zero?

In terms of issuing recommendations, it’s hardly worth considering – any given day there are tonnes of both “buy” and “sell” recommendations out there, extremely few of them ever hitting the target. Even them it has much more to do with luck than any kind of substantiated analysis. If you’d know how the market would move you would not be prognosticating – you’d be buying and / or selling.

 

Posted

It's because of the sell recommendation.

Can you explain this breifly Alan, when you have time. Or point me to the relevant podcast perhaps. It's not clear to me what this means.

Posted

Sorry, but I can't point you to the exact podcast. I listen to Peter Schiff every day while I'm working and he has been talking about Goldman Sach's sell recommendation since last week.

Also, he mentioned that some governments may be forced to sell their gold reserves to finance bailouts which would also contribute to a decline in prices.

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