Thursday, February 9, 2012

Closing Time?

From Public Debt News (US Treasury):

Noncompetitive Closing Time 12:00 Noon ET
Competitive Closing Time 1:00 p.m. ET

So what, was today's auction not going so well and they had to take something off the top of gold?  This blog is not one of those conspiracy sources, but it sure seems funny watching gold proxy GLD take a hit between 12:00 and 1:00.  Hilarious actually, when you think about it.










Edit (4:02) Here's the updated chart, EOD w/ MACD added.  Good job boyz!  Happy now?













http://www.biiwii.blogspot.com
http://www.biiwii.com

at 2/09/2012 01:02:00 PM
Labels: ,

6 comments:

  1. There's only really a gap in the chart if you assume the 24-hour spot market wants to backfill so they can give all the NYSE GLD traders a chance to buy at the prices that were available overnight.

    ReplyDelete

  2. Gap just got filled. I will let the herd chase Apple while I buy more RGLD, ABX, NEM, GOLD, and AEM. I hate $$$$ as you can tell.

    ReplyDelete

  3. What does "I hate $$$$" mean? Anyway, yeh it's comical. The invisible hand routinely descends during T bond week and slaps gold down. It is so mechanical and oafish you can just see a cadre of clerks and bureaucrats behind it.

    ReplyDelete

  4. Yeh IWNATTOS, it was more for comic relief than anything.

    ReplyDelete

  5. Oh my god, Agnico? Are you serious? Do yourself a favour: pull up a chart first and see for yourself how much that stock sucks. I mean, in the past 3 years, gold has doubled, yet Agnico has lost 50%. It has a beta of -1 to gold; except when gold goes down, Agnico still doesn't go up. The pile of crap's price action is just like an exploreco after a pump & dump.

    ReplyDelete

  6. Whatever. The metals were, like the stock indices are, at resistance and couldn't break through. And the last hour of pit trading seems like a good time to drop.

    Use the charts, Luke....all shenanigans and other baloney mercifully fades away...

    ReplyDelete

Subscribe to: Post Comments (Atom)