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Anyone know what caused today's bounce?

jmski52jmski52 Posts: 22,368 ✭✭✭✭✭
in Precious Metals
Since it happened with all 4 precious metals, I was wondering what news caused a spike downward with an equally-steep recovery, all within the 2 hours from 9:30 AM to 11:30 AM Eastern Time?

Just wondering.
Q: Are You Printing Money? Bernanke: Not Literally

I knew it would happen.

Comments

  • MeltdownMeltdown Posts: 8,663 ✭✭✭✭✭
    Wasn't me. I didn't buy anything today. image

    Click on this link to see my ebay listings.

  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Looked to me to be planned takedown right as the London PM fix (10 am EST) was about to occur. The movements in the Euro and Dollar were pretty moderate and therefore did
    not cause the drop. The GSR actually dropped during this hit (silver stronger) as well as the Dow moving past 13,000 and oil headed up prior to 10 am....all signs of liquidity improving.
    I read something about some "successful" 12/18 month Spanish bond auctions turning out better than expected and also India dropping rates by 50 basis pts, so money flowed. Gold miners actually went up during this hit which also added doubt to it being a real change in gold supply/demand or just a "sweeping out of the sell stops." Based on the V shape of the bounce off the previous $1635 gap area, it seemed like nothing more than cartel shenanigans as silver was moving close to $32 after an oversea rally (and gold drifting higher away from $1650). We can't have that. The intensity should pick up Wed-Thursday as options expiry approaches for gold and silver miners, as well as GLD & SLV. Note that plat and pall bounced considerably higher after that 10 am sweeperoo. Gold & silver price probably should have gone up on the news. So hence the need to do a pre-emptive strike. The battle for $1650 and $32 continues.
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • derrybderryb Posts: 36,189 ✭✭✭✭✭
    Baley is somehow involved. image

    Keep an open mind, or get financially repressed -Zoltan Pozsar

  • BaleyBaley Posts: 22,658 ✭✭✭✭✭
    Yes, I am wielding mighty forces to change the market values of the worlds assets according to my daily whims.

    What would you like to happen tommorrow?

    I'll see what I can do image

    Liberty: Parent of Science & Industry

  • cohodkcohodk Posts: 18,620 ✭✭✭✭✭
    There was an imbalance of sellers then an imbalance of buyers, then an balance of both.

    Its really quite simple.imageimage
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • johnny9434johnny9434 Posts: 27,492 ✭✭✭✭✭
    i didnt hear anything on why it did or didnt
  • PerryHallPerryHall Posts: 45,399 ✭✭✭✭✭


    << <i>i didnt hear anything on why it did or didnt >>



    That's because no one here knows. I assume it was due to the current volatility of the current PM markets.

    Worry is the interest you pay on a debt you may not owe.

  • derrybderryb Posts: 36,189 ✭✭✭✭✭
    Probably me not being able to make up my mind.

    Keep an open mind, or get financially repressed -Zoltan Pozsar

  • DrBusterDrBuster Posts: 5,305 ✭✭✭✭✭
    1 person said buy and one said sell at sed agreed spread, profit ensued on both ends.
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