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| Written by mike jack | |
| Saturday, 17 March 2012 | |
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Tiffany Cufflinks March 1 April COMEX gold futures contract price is a sharp drop to 4.37 percent, the fuse was Fed Chairman Ben Bernanke? In the eyes of the private equity fund of domestic investment in a commodity trader Chen Wei (a pseudonym), perhaps the really the case. "At first thought the European Central Bank launched the second round of € 529.53 billion long-term refinancing operations (LTRO) will help the COMEX gold futures prices Station on 1800 U.S. dollars / oz, Bernanke said in congressional testimony did not mention the third round of quantitative easing policy ( QE3) the contrary, that the night the price of gold fell below $ 1,700 / ounce. " Who is the director of this gold crash? The speculators, hedge funds, investment banks seem to have their own thinking. Dollars of speculative buying to help or gold? "Bernanke's speech, the COMEX gold futures contract prices for April dropped from $ 1780 to a minimum of $ 1,688 / oz." Chen Wei recalls, was the news from the financial markets, speculators are based the QE3 short-term is difficult to implement large-scale to buy up the dollar, dragged down the price of gold. U.S. Commodity Futures Trading Commission (CFTC) data show that in the week ended February 21, foreign exchange speculators for two consecutive weeks a substantial holdings of U.S. dollars of net long positions, the amount of up to $ 6.62 billion.Cheap Tiffany In the opinion of a U.S. bank gold traders, speculators gamble dollar, the first Greek to accept the negotiation is full of twists and turns of the second round of the 130 billion euros of aid to help safe-haven buying of the dollar increases, followed by the recent U.S. economic and employment data well, thereby lowering QE3 introduction of probability. Bernanke's testimony to Congress, so that speculators are convinced that their own bet on the direction. " The evening of March 1, driven by speculators buying the dollar index rose once reached 0.73 percent, its biggest one-day gain since the last month. At the same time, the part of hedge funds to participate in the queue of the short selling of gold. "The traders said that hedge fund short selling of gold for different purposes, as part of the second round of LTRO as the European version of quantitative easing monetary policy, to buy up U.S. dollars, two-way arbitrage short selling of the euro and gold futures; part of the redemption period before the arrival in March, the first cash part of the gold profit taking. COMEX gold futures rose nearly 15 percent in the past two months, hedge funds, a large number of profit taking The Great Escape. "To his analysis, the LTRO before the second round of the part of hedge funds has COMEX gold futures profit taking set in 1800 U.S. dollars / ounce gold lock in gains, but when they saw the price of gold hovering around 1790 U.S. dollars / ounce difficult to restart the rally in favor of short selling. "It is the above-mentioned three work together, COMEX gold futures April contract fell below 1720,1750,1780 dollars / ounce, and other key anchor, and thus the emergence of a large number of program trading, gold and sell stops, and ultimately makes the price of gold in just three hours had fallen by nearly $ 100 / oz. "The traders said. Investment bank abacus However, gold futures fell behind, like the hand of an invisible manipulation. Tiffany Earrings CFTC data show that, in February, the main cast behavior of gold gold net short positions held by swap dealers increased from 29364 to 35819, the current holdings of the largest gold trading organizations. To 1 March, the largest decline of the COMEX gold futures was close to $ 100 / oz calculation, the day the investment bank increased gold net short positions, they bring about $ 358 million in dividends. Optimistic about the second round of LTRO and most agencies will boost the $ 1,800 / ounce on the COMEX gold station different, the investment bank would have thought that this may be an opportunity to take profits. "An investment bank Head said of the commodity, which is mainly based on the investment bank found month India's gold demand and prices, with the Indian rupee rally stabilized, short-term price of gold or difficult balance between supply and demand continued to rise. Credit Suisse analyst Tom Kendall, seems to put the scale of the second round of the LTRO funds did not significantly exceed market estimates, if the COMEX gold futures topped $ 1,800 / ounce and then dropped consolidation is not surprising. "However, the February investment bank bet on gold prices fell, and some associated gold carry trade spread income shrink." Investment banking sources involved in the gold carry trade, large banks are usually based in London banking sector gold forward rate ( borrow gold GOFO) to the central bank, and then the market price to sell cash in U.S. dollars investment in government bonds or short-term bill financing spreads income to the U.S. dollar over the same period lending rate (LIBOR) of LIBOR the-GOFO reference value is often seen as a judgment Golden carry trading profit difference between the income level of the vane. February from the one-year period gold carry trade LIBOR-GOFO reference values ??from 0.4527% fell to 0.38305 percent. "Should not be underestimated by 7 basis points decline in the estimates of the scale of investment bank gold transactions, or more than one hundred billion U.S. dollars, the gold carry trade investment bank profits will be reduced by about $ 70 million." He stressed that part of the investment bank can only increase the bet on the COMEX gold price of gold fell short positions, in order to maintain the expected return of the gold carry trade, Bernanke is suddenly no longer implied QE3 introduced, contrary to the investment banks with the dollar rebounded and drive down the price of gold profit. "Discount Tiffany Jewelry Reporter has learned that part of the self-employed sector of the investment bank traders in the March 1 increase in short selling of gold positions, short selling traces is relatively hidden. When COMEX gold hit a key support points, suddenly 30-40 times leveraged finance credits short selling of gold futures, program trading gold futures in order to trigger sell stops. "His analysis said," due to the high frequency of transactions accounted for nearly 30% of the COMEX gold futures trading volume, this approach can play a powerful chain of effects, and not susceptible to the U.S. Securities and Exchange Commission is aware of the existence of price manipulation. " The investment bank dare to short selling of gold futures emboldened the same from them quietly to reduce the risk of Federal Reserve recently introduced QE3. Mainly due to the recent U.S. economic data and signs of economic recovery is becoming more apparent consideration. "Legg Mason Global Asset Management Corporation China retail operations, head of Shao Branch to reporters, analysts believe that as long as QE3 monetary policy temporarily shut down, has to give gold to see the empty broad enough to short selling arbitrage imagination.Tiffany Necklace
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