Monday, April 15, 2013

Panic in current Gold sell off

There are a lot of people throwing up their hands. Throwing positions overboard. Panic is everywhere.
I've never seen anything like this. I mean it.

Cyprus has been told to liquidate their Gold positions to pay off their bailout. This has been creating a downward pressure on Gold for a while. If Cyprus will have to do it, Spain, Italy will probably have to do it also because it will be unfair to Cypriots.