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Hello everyone.
This quote about sums up the attitude to GOLD in the investment community.
"The largest single owner of shares in the gold-backed SPDR Gold Trust Blackrock
cut its holdings by 25% in the first 3 months of this year,
Blackrock's total position in GLD –
equates to less than 3% of the corporation's top holding, Apple Inc."
Hedge funds are as prone to bad moves as the rest of us!
Now blackrock dumps GOLD at the end of a correction.
Which in my contrarian mind, is a buy signal!
Lets see how the price action plays out over the next few days,
But these moves by market actors are typical of a capitulation.
watch this space.
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UPCOMING RISK EVENTS:
USD: OPEC Meetings,
EUR: Flash Manufacturing PMI, Flash Services PMI.
GBP: N/A.
JPY: N/A.
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