Does anyone think that the IMF may be sell gold as we speak. This pull back could intensify more than we expect. I realize they are suppose to stop at 500 tonnes but with the banks so desperate what's to keep them from selling more. This would also create a great buy opportunity for them under their control. Any comments on this?
Small guys are NOT pushing the price of bullion higher. The 500 tonnes of gold sold by IMF won't be sold to you or me, it's changing hands. Most likely it's Asian CBs buying gold. Which ones is hard to say, could be Chinese or it could be Russians but they are the ones pushing the price up. This is a nice correction and hopefully we have another 50-80 dollars to go down. I'm buying physical again at 850-880 range. Mid May is a good guess for the lows before we move higher. Olympics should keep US above water as Chinese don't want bloodbath before the Olympics but after that all bets are off and who knows how low and how fast USD will fall. I know SLW is silver play and one I play with 80% of my cash but where gold goes the silver follows so we might still see that $15 silver one more time. Either way buying opportunities are coming.