Re: It appears silver is on a full out breakout.
in response to
by
posted on
Feb 29, 2012 02:22PM
Kitco says you'll get your chance Jlately. Yes I wished I had called the top too but I'm ready should this correction drop the Ag price much lower Market Nuggets: RBC's Gero: Gold Sell-Off May Be Followed By Margin-Call Pressure But Potential 'Buying Opportunity' 29 February 2012, 2:14 p.m. |
Editor's Note: Mark your calendars! Kitco News is headed to PDAC 2012 in Toronto from March 4 -7, 2012. Stay tuned for news and video coverage from the conference. (Kitco News) - The sell-off in gold futures may not be over just yet due to potential for margin calls, although it also could end up providing a buying opportunity, says George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures. The metal fell sharply Wednesday, with the most-active Comex futures down more than 4% after the pit-session close. Other analysts tied this to factors such as the lack of any hints of more quantitative easing during congressional testimony by Federal Reserve Chairman Ben Bernanke, coupled with chart-based selling and end-of-month profit-taking. Still, Gero says the world’s problems “are not over” and with “weak holders and recent buyers exiting gold and silver, there may be another buying opportunity in a few days.” Still, he adds: “These sell-off days are usually followed by margin calls. They do not end in one day.” Margin calls occur when traders have to ante up more money to stay in a position or else exit. By Allen Sykora of Kitco News; asykora@kitco.com |