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UPDATE
Gold at $1760!
(Reuters) - Gold recoiled from its first ever foray above record $1,900 an ounce on Tuesday in the sharpest one-day drop in 18 months, as rebounding equities prompted traders to rethink a bullion rally which many now see as overdone.
7 comments
1 |
Idle Drifter Wed, Aug 24, 2011 8:24:16am |
Well it finally happened but only 3.25% or so. I'd expect a sell off every now and then for profit.
| 2 |
shutdown Wed, Aug 24, 2011 8:34:33am |
It's partly profit-taking, partly herd instinct. Traders aren't generally sharp, independent thinkers...
| 3 |
Political Atheist Wed, Aug 24, 2011 9:46:34am |
re: #2 imp_62
It's partly profit-taking, partly herd instinct. Traders aren't generally sharp, independent thinkers...
Are you familiar with the ETFs? They are selling big today, and yes, its certainly profit taking. Traders were talking Monday about moving from gold to platinum for PM holdings. Made sense then, looks like it was a smart play.
| 4 |
shutdown Wed, Aug 24, 2011 10:17:18am |
re: #3 Rightwingconspirator
Are you familiar with the ETFs? They are selling big today, and yes, its certainly profit taking. Traders were talking Monday about moving from gold to platinum for PM holdings. Made sense then, looks like it was a smart play.
Self-fulfilling prophesies, to a point. Desks talk up/down a certain product or commodity or ETF (great example: SPDR) and the market follows. This is why day-traders cannot make money on average - they are playing against the house. Sure there are trends and a certain market logic which can be followed, and occasionally somebody comes up with a truly unique or creative trading strategy - but that guy is at a big hedge fund or investment bank.
| 6 |
Political Atheist Wed, Aug 24, 2011 10:21:56am |
re: #4 imp_62
A quibble-
It's not just talk-They buy or sell at large enough quantities so that becomes the self fulfilling aspect. real buys and sells of tonnage, not mere talk.
| 7 |
shutdown Wed, Aug 24, 2011 11:01:20am |
re: #6 Rightwingconspirator
A quibble-
It's not just talk-They buy or sell at large enough quantities so that becomes the self fulfilling aspect. real buys and sells of tonnage, not mere talk.
Yes and no. IMHO, Positions are taken on talk, disposed on market moves.
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