WEEKLY MARKET DIGEST: GOLD CROWD FLOATS FRENCH DOWNGRADE RUMOR
(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers.)
GOLD CROWD FLOATS FRENCH DOWNGRADE RUMOR
March 20, 2012
Yesterday Spanish bond auction went well. Gold traders caught on the long side tried in vain to disparage the success of the auction with arguments that the success was artificial. They speculated that most of the bonds were bought by ECB and Spanish banks.
The market did not buy the argument and gold plunged to the major support at $1637 to $1641. As gold accelerated its plunge to $1632, the rumor that France had been downgraded was floated.… Please click here or the title below to read more.
April 21, 2012