Monday, September 26, 2011

Gold price takes a break

Gold eyes biggest 3-day fall in 28 years, investors flee

LONDON (Reuters) - Gold was set for its biggest three-day loss in 28 years on Monday, as investors fled commodity markets in a scramble to secure cash in the face of mounting fear over the impact of a potential Greek debt default on the rest of the euro zone.
Comment: The fall of the gold price is no surprise. On the contrary: the retrenchment of the gold price falls fully into my expectations. The main strategy has been to opt out of the market for some time. Parking money in yen and euros has been my preferebde. I guess that the time is not yet ripe for new positions. Maybe later this week one may consider going short the stock market and back in long for gold.

No comments:

Post a Comment