TSXV:SLX.P - Post by User
Comment by
HonestAbeon Jan 22, 2011 3:25am
271 Views
Post# 18011177
RE: Slowly accumulating again
RE: Slowly accumulating again"On another note , precious metal's prices take a nosedive in front of the big Vancouver Resource show every year , and this year was no exception. Is this an engineered selloff to take some excitement away from those interested in precious metals stocks?"
.
There is no doubt in my mind that this selloff in 2011 is indeed engineered. Because last week of Dec 2010 for this sector was very good. Monday Jan 2011 was a holiday for Canadian markets but the USA markets were open. Is it coincidence that many precious metals stock roared to 52-week highs and then selling off intraday to close either relatively flat or slightly up/down for Monday on the USA markets? Then when Canadian markets opened on Tuesday most stocks opened no where near the high prices from just the day before and sold off big. Can sentiment change on exactly one day even if it defines the end and start of a new year? It is unlikely and obviously orchestrated to select a quiet day where the powers to be can create maximum impact with minimum damage to themselves to do so.
.
Similar thing occurred on Canadian Thanksgiving day in 2010 where the Canadian markets were closed but USA market open and a big move also occurred but I cannot recall if it was up or down. But at the time it was so blatantly obvious what was happening and why they selected such a day. These are not anomalies either. I do recall July 1st (Canada Day) on 1994 (pretty sure it was that year) where Canadian market closed and gold spiked to a new 52-week high to like $408 (or something like that) before reversing down big intraday to close sharply down and that marked the peak price for gold at that time. It was such BS and almost two decades later it is no different and probably continues in the future.