Gold Redemptions in ETF Shares
Category: Market Reports
Author Name: Walter Pehowich
Posted: 02-16-2016
Author Name: Walter Pehowich
Posted: 02-16-2016
“Tightening financial conditions driven by falling stock prices, uncertainty over China and a global reassessment of credit risk could throw the U.S. economy off track from otherwise solid course.”
For the first time in three weeks we’ve witnessed gold redemptions in the ETF shares. This corresponds with the sell signal given by the technical traders Wednesday, when the RSI number broke 80 indicating the gold market was overbought. Wall Street Spec. traders jumped on the band wagon and put pressure on the price of gold as it approached the $1,200 dollar level.
Janet Yellen in the news this morning with testimony before Congress at 10 a.m. ET. Some comments on her prepared speech before the House Committee on Financial Services were released this morning. She says, “Tightening financial conditions driven by falling stock prices, uncertainty over China and a global reassessment of credit risk could throw the U.S. economy off track from otherwise solid course.” Right after this comment was released gold traded up $8 dollars.
The Dollar Index trading above the 96 handle this morning keeping gold in negative territory.
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About The Author
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Author Name: Walter Pehowich This editorial has been prepared by Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing. |
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