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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

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From: cycleupcycledown	3/23/2016 11:29:12 AM
	2 Recommendations Read Replies (1) of 220515

dump........ Wednesday March 23, 2016 10:29 ( Kitco News) - Gold prices hit a three-week low in U.S. trading Wednesday morning and famed market watcher Dennis Gartman says Venezuela’s dire economic situation may be weighing on the metal. In his Wednesday edition of The Gartman Letter, the known investor said, “[T]here is news that Venezuela…a country that is obviously in very, very serious financial straits… has been an aggressive and consistent seller [of gold].” The yellow metal had risen 1.2% in the previous session, when investors sought "safe-haven" assets after deadly bomb attacks in Brussels. Wednesday morning, spot gold fell more than one percent to its lowest level in a week. According to data released by the Swiss customs department on Tuesday, Venezuela has exported 11 tonnes of gold to Switzerland in February 2016 – which equates to about 443 million Swiss francs ($456 million) worth of gold. “Apparently, Venezuela sold $500 million of gold from its reserves in February and has sold at least that same amount thus far in March… this from data compiled by our friend, Mr. Russ Dallen, at Latinvest,” Gartman wrote. He continued, “Venezuela has been selling gold since mid-year last year, but the pace of its selling…as evidenced by the decline in its official reserves…has accelerated of late. The recent run-up in prices has given the Central Bank there and the lunatic government in Caracas a wind-fall that they have apparently not been willing to pass up.”

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