Good Luck, it looks like they pushed it down this morning. The increase in gld was very impressive and that means some are looking at gold again.
Maybe that was why the traders started dumping. But the reason it went down was massive sell orders with big gaps in the buy orders. Rumors and announcements change sentiment. Buying and selling moves the price.
Nope. You're wrong. I see what happened now. There was a "leak". Central EU bank buying 50 billion per month. That came about 24 hours ahead of time. I was going to dump later this afternoon ahead of the announcement, but..... oh well. Bought DUST this morning to back it up for a day or 2, so instead of a few grand ahead, I'm just about even for now. Looks like DUST will probably go up nicely for a few days at least. Oh well.
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Leveraged speculation took it up and now there is profit taking. Shouldn't be a surprise. It was a matter of when it would happen not if.
BH, ironically, last time $HUI closed in the $400 area, the week of 2/4/13, NUGT close at $409.05.
For $HUI to get back to that level, it'd have to double. For NUGT....a 20 fold increase???!!!!!
I can't possibly predict the price of NUGT at the time $HUI gets back to the $400 level, as it greatly depends on the time it'll take to get there, but I am going to venture to predict that NUGT will NEVER see this level again and has a very little chance to see half of it.
Late Friday gld increased about 17 tons and yesterday about 11 tons. The reason I look at this is because I feel it is the easiest way to detect interest.
This information came from Harvey Organ web site, Harvey expects the bullion banks to defend 1300 gold but that is just a opinion.