-- Published: Friday, 1 May 2015 | Print | Disqus
It seems that directly or indirectly some central bank was involved in the selling yesterday which lead to the crash. Except gold and silver, all metals, energies and the US dollar were steady. Without some rogue central bank involvement, this would not have happened.
The ploy by the central bankers could be to ensure that investors just dump their gold and silver holdings (futures and physical). When the end of the investor dumping of gold and silver nears, they just buy all the physical gold and silver. When the investor selling and central bank buying is over, interest rates will start to rise by the Federal Reserve as well as the bank of England. To me this is a conspiracy by central banks.
Long term investors should not be unfazed by central bank moves. They should remain invested. Short term traders invest in gold and silver only after the release of US April nonfarm payrolls next week. Just remember that inflation in Europe, the USA and Japan will now start to rise. (Unless of course crude oil prices fall below $40 and remain below $40 for a long time). Gold, silver and other safe havens will attract inflation related demand from the final quarter of the year.
Next week we have the (a) UK elections results (b) US employment numbers and others. The dollar weakness can once again start from next week.
Gold needs to trade over $1258 till next week to be in a bullish zone. Silver needs to trade over $1519 till next week to be in a bullish zone. We are against aggressive selling (at lower prices unless these prices are breached).
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
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UK session starts around 1:30 pm Indian Standard Time (+5:30 GMT) -- after the release of LME daily inventories
US session starts at 6pm pm Indian Standard Time (+5:30 GMT)
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS REPORT
COMEX GOLD – $15-$17
COMEX SILVER: $25-$30
COMEX COPPER: $3
NYMEX CRUDE OIL: $0.60
SPOT SILVER: $0.25
SPOT GOLD: $15-$17
THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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-- Published: Friday, 1 May 2015 | E-Mail | Print | Source: GoldSeek.com
