Precious metals ambush…

Posted on Mar 01, 2012 by in Letters

Someone casually dumped 100,000 futures contracts into the bond pit yesterday roiling the bond markets and roiling trader's emotions -- which are pretty roilable all the time.  Selling panics then developed in the precious metals markets, though the stocks didn't seem to be much affected.  Naturally Bernanke was blamed, and why not.  Someone has to be blamed.  If he's not blamed for what he says he's blamed for what he didn't say.  So when Helicopter Ben said he wasn't taking any cruises on the QE3 everybody got mad and sold gold.  Drove a hole in our gold profits, which were considerable.  Oh, well, easy come, easy go.

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