Afternoon Market Updated Dec 18 - Gainesville Coins News
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Afternoon Market Updated Dec 18

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Afternoon Market Updated Dec 18

The latest smash to gold prices in a low volume setting happened today, and now has traders openly talking about market manipulation. Even though the sudden selling at a volume to trip sell stops occurred when Congressman Boehner was unveiling his "Plan B" to get around the fiscal cliff negotiations, analysts say that there was no major news that would have moved the market to the extent that it did.

There were other puzzling things happening on the market besides the blindside to precious metals. The U.S. dollar dropped about the same time gold and silver did. A falling dollar usually buoys precious metals, but that was not the case today. The dollar also usually tracks the stock market, but the major stock indexes were up over 1% for the day, while the dollar fell to a 2-month low.

Gold futures closed at a 3-1/2 month low, and silver closed at a 1-1/2 month low. The Indian rupee gained against the swooning dollar, but importers there may have already replenished their stocks on other recent dips. Despite today's drops, Commerzbank still has a bullish intermediate outlook on gold. Their analysts say that as long as gold stays above the 200 day moving average of of $1,662.10 and the next-lower November low of $1,672.50, as well as the 50% retracement of the May-October rise, they remain bullish.

by David Peterson

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