A close look at the gold market domestically and internationally
George Gero, Managing Director at RBC Wealth Management shares his views on what helped drive the gold price down today. George follows open interest as well as fund flows. He notes that we have been seeing a draw down from funds in the recent past.
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Ditto.
It is always good to hear macro economic thoughts from George Gero. Good interview.
Gold Sees Worst Day In Almost Three Years
By Neils Christensen of Kitco News
Tuesday October 04, 2016 15:18
“Traders are closing the books on gold’s worst daily performance in almost three years and some analysts are warning investors that there could be more selling during the next few days.
The gold market saw its worst one-day performance in almost three yearsTuesday, December gold futures settled the day at $1,269.70 an ounce, losing $43 during the session, this is the precious metal’s biggest daily loss since June 26, 2013. Silver settled the day at $17.775 an ounce, losing more than 93 cents on the day, its biggest one-day loss since June 7, 2012.
***”George Gero, managing director with RBC Wealth Management, warned that although Tuesday was a bad day for gold bulls, it is still unclear just how much damage has been done in the marketplace. He said that he expects to see more selling pressure over the next few days.”
“We won’t know the full extent of this selloff until the dust settles in the next couple of days. I think we could start to see some margin call selling,” he said….
http://www.kitco.com/news/2016-10-04/Gold-Sees-Worst-Day-In-Almost-Three-Years.html
Except he was wrong about China purchases. There has not been a substantial drop off in refining into 9999 kilo-bars in Switzerland.
Excellent interview…thanks so much.
I just do not understand how people living in North America can be so focused on America and believe what happens in America is controlled by American actions. It usually is.
But……
China buys in UK commonly. Gold from UK is re-refined in Switzerland and sent to China. UK covers from COMEX. Prices are set on COMEX for now.
Change is ablowing in the wind.
The GONEX
CRIMEX. DOOMEX. Here today GONEX tomorrow……
George brings up some points that we don’t usually hear. Connection with the Pound is one I’ve never heard anyone comment on. He doesn’t sound overly worried with the future price of gold, imo.
Here’s Peter Hug’s comments: http://www.kitco.com/commentaries/2016-10-04/What-Was-Behind-The-Gold-Markets-Rout.html
I keep on hearing pundits saying that Brexit won because of anti-globalization.
That is BS mostly, the English saw vast bureaucracy and waste in Brussels, and did not like it. More anti-waste, more anti-bureaucracy, than anti-global….The British had a global commonwealth, lots of international trading, before the EU tried limiting it and imposing rules and regulations.
Good comments from George.
Thanks for getting his input Cory.
LPG