Down approximately $300/oz within the last few months, from USD$1501 we saw a little reprieve in the gold price after breeching the USD$1200 mark. It looked like a total freefall as many looked at the past performance and locked their money into funds hoping for better returns. Unfortunately, manipulation in the paper market has been the cause. The players with long positions were squeezed demanding more Margin/Cash in order for them to keep their leveraged positions. The Players that were short Gold quickly scooped the cheap commodity to cover their losses or take profits. Consequently the physical market is hot and premiums are large but these manipulators will not be able to take away the physical that is actually paid for in full. Now the question remains will we see new highs in the precious metals and when? Gold USD$1283.70  +$5.70 Silver USD$19.83 +0.05 Oil $106.08 + $0.14

Note movements are based on previous days close.

 

My Friends call me Don Filippo – The FX Specialist- www.donfilippo.ca

416-362-1300  1-877-943-6739