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UPDATED :::::: on Friday April 12 , 2013 — GOLD dropped again : FIND OUT WHY HERE: http://stockguy22.com/2013/04/12/gold-silver-platinum-copper-palladium-today-april-12-2013/
Why did GOLD , SILVER , OIL
& other commodities drop so much today?
Today Wed Feb. 20th, 2013, we saw pretty big drops on Commodities : #gold , #silver, #oil, platinum, palladium
I think today’s drop was pretty extreme but we will see how well we hold in the next few days since we are pretty key support areas:
The main reason for the drop today was :
Speculation that a Hedge Fund was Selling Positions see Bloomberg article here : http://www.bloomberg.com/news/2013-02-20/commodities-tumble-on-speculation-hedge-fund-selling-positions.html
For GOLD there was also some news from late last year that George Soros had sold off more than 1/2 of his GLD ETF position
The main reason the mainstream media gave for the correction in the yellow metal is hedge funds’ selling of gold late last year. According to quarterly filings, Hedge Fund Manager George Soros sold half of his holdings in the SPDR Gold Trust ETF (GLD) in the fourth quarter of 2012. Bloomberg attributed the sell as a move that may “bolster speculation that gold’s 12-year bull-run is coming to the end.” However, Soros may have liquidated his gold holdings because he identified a significant short-term opportunity in the currency markets.
Chart below of GOLD intraday 5min chart with some of my notes: Click chart to make it larger & easier to read
Below are hourly charts on GOLD , SILVER , PLATINUM , COPPER & PALLADIUM ( you can see they all have been on clear downtrend the past few days )
Click chart to make it larger & easier to read
Stocks & ETFs that got hit today on this drop included GLD , SLV GDX ABX DGP UCO USO and many others related to these commodities and oil