| U.S. specialist precious metals analyst, Jeff Nichols, made the comment that the gold price was driven ‘insanely lower’ that day. In his view the sales were not of physical metal but by technical and computer-driven me3 trading mainly in futures, forward, and options markets, rather than by any change in fundamentals or in the states of the U.S. and global economies.
He commented further that the data on U.S. retail sales and consumer prices released that day should, under normal circumstances have been bullish for gold with inflation indicators subdued and showing a weaker than expected U.S. economy...............................................Full Article: Source |