My SWAG on gold and gold shares, could be a timed compressed false breakdown, a now typical pattern in these real assets and commodities. The one in oil and gold was longer developing. Copper has another "mini-panic" going on today, ironic given that all the above ground stocks of nickel, tin and copper on the planet can be bought for less than half billion clown bucks. Comex and LME copper inventory is now a mere 96,298 MT, about 20,000 more in Shanghai with the govt there holding futures (for greater than that amount) for delivery to try and build strategic stocks.
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Earlier:
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Heinz is also correct about energy. The specs were barely long going into this swoon. It's too bad Friday's COT only goes through Tuesday, the day before the break, because I'll bet by now, specs and funds are short energy. Again, ironic, and illustrative of how these markets work. I'm playing as a time compressed breakdown, bought a third position in Feb HO yesterday too early at 133.50, and two-thirds today at 126.50. If it goes below 1.25 I'll buy another lot. |
