In the mean while, this had popped above $672 yesterday but back around 670 tonight.
What if someone really big wants to hold it at $670 or below?
What if they quit selling?
From John Mauldin:
Gold is at $668.50 and is having trouble busting through $670. There are persistent rumors that there is a major seller at this level. Dennis Gartman (no gold bug he, but he is currently bullish on the barbarous relic) writes this morning:
"Moving on to gold, we note that the resistance between $668-670 has proven formidable indeed, for gold has effectively traded within that range for the half day prior to writing yesterday's TGL and for the past full day. Once again, we've no idea who it is that is selling spot gold at $670, but it is someone of very real consequence and with very material selling to be accomplished. Once again, it may be a government, it may be a hedge fund, it may be miners hedging forward production because of bank agreements made on a project or two or three... it may be a combination of the above, or it may simply be very large 'specs' wishing to take profits on old long positions or wishing to get materially short.
"All we care about is that it is someone or something that has thus far successfully stopped gold from advancing, and with the week's end upon us, we shall not be at all surprised to see that seller remain successful in keeping gold from moving through his offers. Next week, however, the 'game' shall be played with a bit more enthusiasm, and the seller... whoever or whatever 'he' might be... shall have a far more difficult time keeping gold in check."
