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Gold/Mining/Energy : Precious and Base Metal Investing
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To: Ken Reidy who wrote (31719)10/23/2004 8:53:18 AM
From: tyc:>  Read Replies (1) of 39344
 
You say that the Commercials "create massive volatilities" by adding to losing positions. But surely to add to short positions as market prices rise, tends to reduce volatility rather than add to it. It is the momentum traders who add to long positions as prices rise - the Jesse Livermores - who create massive volatilities.

Perhaps, as I believe, the commercials are largely "hedgers". I believe that "bankers" are not looking for speculative profits but a steady stream of profits to satisfy the expectations of their patrons. There is a lot of gold held somewhere in this world; perhaps it is being hedged by short futures. BWDIK.
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