KITCO: Gold price slumps to 8-mo. low on rising bond yields, bounce in USDX
A more current price reading than what is shown on the chart below is: Gold: 1727.90 -42.20▼ | Silver: 26.33 -1.09▼
https://www.ino.com/
http://www.rumormillnews.com/pix/20210226-spot-gold-chart.png
[snip]
(Kitco News) - Gold futures prices are solidly lower again in early U.S. trading Friday and hit an eight-month low. Rising government bond yields that are at least short-term bearish for the precious metals markets and a good bounce in the U.S. dollar index Friday are weighing on the precious metals markets.
Gold prices are presently headed for a very technically bearish weekly and monthly low close on this last trading day of the week and of the month. April gold futures were last down $14.60 at $1,760.60 and March Comex silver was last down $0.782 at $26.855 an ounce.
https://www.kitco.com/news/2021-02-26/Gold-price-slumps-to-8-mo-low-on-rising-bond-yields-bounce-in-USDX.html
Is the smackdown of Gold (and Silver) prices directly related to the Feb 24th crash of the Fed's interbank payment system?
In less than two trading days, spot gold prices have tumbled from $1800/oz to $1727/oz. Can any "intelligent" financial pundit explain why, given present fundamentals, that the US Dollar Index has risen in relation to the basket of global currencies, and why such a minuscule increase in that index would trigger a sharp crash in the precious metals market?
Hogwash, you say? Can you spell and say p r i c e
m a n i p u l a t i o n?
I wonder if a member of the banking syndicate (or China, perhaps) needed to get their hands on hundreds of billions of dollars immediately, so they chose to sell a huge number of paper gold contracts?
-NW
#KITCO: Gold price slumps to 8-mo. low on rising bond yields, bounce in USDX
A more current price reading than what is shown on the chart below is: Gold: 1727.90 -42.20▼ | Silver: 26.33 -1.09▼
https://www.ino.com/
http://www.rumormillnews.com/pix/20210226-spot-gold-chart.png
[snip]
(Kitco News) - Gold futures prices are solidly lower again in early U.S. trading Friday and hit an eight-month low. Rising government bond yields that are at least short-term bearish for the precious metals markets and a good bounce in the U.S. dollar index Friday are weighing on the precious metals markets.
Gold prices are presently headed for a very technically bearish weekly and monthly low close on this last trading day of the week and of the month. April gold futures were last down $14.60 at $1,760.60 and March Comex silver was last down $0.782 at $26.855 an ounce.
https://www.kitco.com/news/2021-02-26/Gold-price-slumps-to-8-mo-low-on-rising-bond-yields-bounce-in-USDX.html
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#Is the smackdown of Gold (and Silver) prices directly related to the Feb 24th crash of the Fed's interbank payment system?
In less than two trading days, spot gold prices have tumbled from $1800/oz to $1727/oz. Can any "intelligent" financial pundit explain why, given present fundamentals, that the US Dollar Index has risen in relation to the basket of global currencies, and why such a minuscule increase in that index would trigger a sharp crash in the precious metals market?
Hogwash, you say? Can you spell and say p r i c e
**m a n i p u l a t i o n?**
I wonder if a member of the banking syndicate (or China, perhaps) needed to get their hands on hundreds of billions of dollars immediately, so they chose to sell a huge number of paper gold contracts?
-NW
(post is archived)