Manipulation of gold gets noticed in Dubai
Manipulation in gold gets noticed in Dubai
This week, the price of gold dropped to a 30 day low of about $1,685/oz. from $1,750/oz. There were rumors of a mysterious seller unwinding hedge positions. Some things to note:
- The "mystery seller" times his deals in the "twilight period," or after the London market closes and just before the Asian markets really get going, when the trading is thin.
- This happened twice in the past week, where it seemed like large speculators were deliberately timing their huge trades during thinly traded hours.
As many traders are starting to wind down their positions for the year, Goldman Sachs has a 3-month price forecast of $1825/oz. Gold exchange traded fund holdings setting another new record yesterday.
Canadian Unemployment news was released today: The gain of 59K positions, nearly all of which were full time, took the unemployment rate back down two ticks to 7.2%, reversing most of the November’s upswing.
The countdown to the fiscal cliff is 24 days away!
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