FX Frozen by Metals Damage
As pundits begin using the words “gold” and “bear market” territory in the same sentence, this may not be an excuse to go the other way. Today's gold damage has been spectacular but of no surprise, hitting last night's 3 Premium shorts. The day's $70 decline was helped by news of that Cyprus was seeking to sell € 400 mln in gold and chatter of Merrill Lynch 4 million ounces at the COMEX open has also triggered the cascading of stops. Interestingly, FX markets ended little changed as all the activity was in metals. We will send fresh insights next week on the latest balance of power between gold and silver, and which of the 2 is set to lose more ground. Next week, shall also see the return of more JPY volatility ahead of the G20 meetings in Washington. Note the difference in rhetoric between the G7 and the G20, which includes China and Korea, pertaining to JPY flows. We added 3 new trades on gold and posted 4 new charts to our Premium subscribers, which can be viewed in the latest premium Insights.
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