They thought Mitt was going to win in a landslide.
They thought inflation would "go crazy" if Obama got his way.
The list is endless on things they were dead wrong on..........yet, they keep calling others morons.
LOL!!
Nice March Jobs and Consumer Retail reports. How's Afghanistan/The Gitmo Closing coming along? Who said Iraq would be a quote, cakewalk, unquote? And anyway, from a historical/military perspective, it has.
Lowering their expectations for gold, along with their fairly rosey picture of the "recovery". I think it's sent the short term gold traders into a bit of a panic.
It's a confluence of events. Yes China is part of the story, but gold has been in a downtrend since its peak in Sept 2011. Also, just about all commodities have been taken out to the woodshed. Look at silver, copper and oil, which their plunges bodes well for the consumer.
Throw in a little Cyprus where they may have to sell gold reserves to raise some money. Plus a lot of people bought gold last year, and are all underwater, so they are liquidating their positions.
Commodities in general are extremely volatile in their price swings, and that is what you are seeing.
One major factor I forgot to mention with respect to gold's decline is that the Rapper and Hip Hop gold futures index is down significantly. That one is for GaG.
I am sure the Rapper and Hip Hop traders will see this as a buying opportunity.
As for your assessment of the situation, I mostly agree with you, I'd like to add that this was just like a breakout on the upside, once certain support levels are broken a lot of program trades automatically kick in, adding to the perception that the world is ending. Additionally a lot of long term gold owners are seeing their gains evaporate, it's natural for many of them to think "lets get out while the getting is good" and lock in their profits while they still can.
I don't think this is the end to any kind of bubble, just one of those perfect storms that happen from time to time.
I'll put it this way, oil has taken a beating over the last few days as well, and I am not losing a minute of sleep over it. Oil just like gold is still trading at historically very high levels, five or ten bucks in either direction doesn't mean much to anyone but the traders.
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