Auguries - February 23, 2013 Auguries - February 23, 2013
Death Cross Or Gold Standard?
Kevin Michael Grace
Gold was down (at press time) $56 (-3.2%) for the week to $1,579.30, and silver was down $1.71 (-5.6%) to $28.75. Reuters reported February 22, “Gold looked vulnerable on technical charts after it formed a bearish formation earlier in the week known as a ‘death cross,’ when its 50-day moving average broke below its 200-day moving average.”
The human death cross, George Soros, was, as usual, ahead of the market. Bloomberg reported February 15, “Soros Fund Management LLC reduced its investment in the SPDR Gold Trust, the biggest fund backed by the metal, by 55% to 600,000 shares as of December 31 from three months earlier, a US Securities and Exchange Commission filing showed Thursday.”
Our friend Peter Grandich argued February 21, “Gold and mining shares have been badly beaten up, and there’s no immediate relief in sight. The only positive is the bearishness has become overwhelming, and if support can hold in the coming weeks, we should get a compelling contrarian situation not seen in years.
Read the rest of this article about gold prices here.