Yes and foreign buying of gold is drying up. India and China don't want it anymore since its lost its mojo.
Foreign buying - Also Turner believes than when the price falls slightly it sometimes spurs buyers in China and India who are inclined to buy physical gold items rather than gold derivatives or paper-based assets traded on exchanges. However, this tailwind seems to have dissipated this year. In its latest quarterly report The World Gold Council noted that total global gold demand in the second quarter had fallen 16 percent from the same period last year, with demand in top buyers China and India falling about 50 percent and 40 percent respectively. Look out guys - Gold set to fall well into 2015.
Futures are red - meaning market thinks Yellen just might throw out a few positive words on the economy and (OH MY GOSH) coming interest rate hikes. Also gold is only up a fraction from yesterday's big sell off and should the Fed Chairwomen say she sure likes a "stronger dollar" or "If economy keeps improving rate hikes coming" Gold will fall faster then you can hit your "sell GLD" button.
Bought Dust last week and starting shorting GLD yesterday. If you listen to the Fed members talking they are all saying economy looks strong - which has to equate into Yellen raising rates sooner then she wanted. Gold chart going forward looks like a straight arrow down.
and after you read this you will understand we are at the cusp of a major gold correction.
"Gold was already on the defensive before the Fed minutes as the tensions in Ukraine were easing and the market was paying less attention ... so you had other drivers like the dollar, which has been moving up since the start of the week," ABN Amro analyst Georgette Boele said. "And then you had these less dovish minutes, which put extra pressure on gold, and this is also ahead of tomorrow's speech by Yellen at Jackson Hole ... The main topic should be employment, and the way she sounds will be crucial. But it appears the Fed chief will now raise rates at an earlier date then everyone expected" Thus gold could correctly wildly on the down side.
Be very careful gld longs - you could lose finger and toes if you go long here and the Fed says - be prepared for higher rates in the near future.
and it appears it R.I.P. for the tarnished yellow metal as investors smell a Fed tightening and a Major Gold sell off. Could Nugt hit $30 a share next week - think so.
Tvix and Uvxy holding nicely in another up market day. Pretty much shows volatility is back since the Fed is boxed into a corner and will have to raise rates sooner then they wanted. Market either dives tomorrow on Yellen's words of probably rates increases coming or market flat lines. No way market goes higher with Fed admitting they know higher rates are on the way.
Spy is fine to hold but Dust is your play going forward since the Fed will tighten sooner then anyone expected. Gold sell off has now started and Gold could easily drop 30% to 50% over the next few months. Play Spy if you want but Dust here is an easy double and possible triple if gold craters.
Simply because the dollar is going to strengthen going forward. The Fed is going to raise rates going forward. And GLD longs are going to sell their positions as fast as they can as SPDR Gold Trust sets new 52 week lows coming in September, October, November, December and well into 2015.
The Gold Bubble it Appears has finally POPPED.
Market will wake up tomorrow morning and smell high interest rates coming. It obvious that Yellen is facing pressure within her own Fed board to raise rates sooner versus later. Not saying a majority of Fed players feel that way but the numbers are growing. Yellen will have to comment about rising rates in September so between now and then SPY should trade lower. We all know higher rates are coming but market is so used to trading up it might take a few hours for it to digest reality.
Yellen sharpening her interest rate hike knife
Putin to meet with Ukraine counter part to talk peace next week
Gold fades in India, China and of course U.S.
Dollar holding strong and will get stronger as U.S. economy improves
Bottom Line - GLD heading South as in sub $100 by end of year.
in six months or less. GLD going forward looks like a train wreck.
and as we get closer to Yellen raising interest rates Dust will not only double in value, it will triple as gold sells off by leaps and bounds.
Russian forces mass on Ukraine's border before imminent invasion???
Spy could hit $180 a share if Putin sends troops in so read on and go "long at your own risk"
Fears rising tensions could spill into open war
Separatist rebels shot plane over Luhansk, in the eastern part of the country
It was struck after government forces launched an attack on rebels
Ukrainian forces claim to have taken police station in rebel-held Luhansk
Though separatists have lost ground, the attack shows they retain firepower
Comes amid reports of fresh Russian military equipment entering Ukraine
and now hundreds of innocent Ukrainians killed by Russian trained Ukrainian Rebels trying to flee war zones.
Good move since Fireeye is the leader is cyber security.
Community Health said it recently hired Mandiant, a division of FireEye (FEYE), to investigate the breach and also said it is working with federal authorities. Mandiant determined the perpetrators used what it calls “highly sophisticated malware and technology” to break through Community Health’s computer defense systems.
since the Fed will be raising rates in early 2015. And even if later in 2015, the Fed will warn in September - October of the coming rate hike. Market must love the view from here six months out, since its racing to all time highs on future Fed Tightening.
Hard to fathom APA slightly down with such an important oil find off Australia coast. Stock should be way higher but I'm buying on the dip. From what I've read it will take two months to confirm minor or major oil find, so maybe that is the reason why the stock is flat today. In any case I believe come October we will be trading $130 a share and climbing since Apache is way under valued at $98 and earning should significant increase over next few quarters.
U.S. stock market will follow the rabbit down the deep rabbit hole. Spy test $190 and lower next week.