Well, that is the theme of this article highlighting SocGen’s call to short gold. The article enthralls us about the chances of a rate hike by December having risen a bit, to which gold has not yet reacted. Okay you gold traders*, have at it.
Stop smiling, gold bugs: This bank says it’s time to short your precious metal
See, they’ve got a graph and everything…
But all any gold bug really need do is tune out the media and tune in actual market info like the CoT to see that gold could use a rest. This marked up graph was used to try to confuse people as much as possible make clear the way to read CoT in a subscriber update last night.
Rationalizing other stuff, like expectations of a rate hike from a Fed that can’t even commit to keep NIRP off the table is just plain ridiculous.
* I have never understood why someone would be a “gold trader”. You are a trader, not a trader of one market, commodity or asset class. As for gold, I don’t understand the concept of trading ‘value’, whether it is marked up or marked down, when there are so many other ‘price’ driven items out there.
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