Gold: Macro shorts unlikely to panic just yet

The Swiss Government and National Bank have certainly not been in favour of a referendum on Gold reserves, but this looks likely to happen in late November and is a chance of passing. This would prohibit the SNB from selling any more Gold reserves and would force them to up their Gold reserves significantly. We can start beginning to imagine the effect that this will have on Gold and on the CHF.

Prime brokerage sources report that there still seems to be plenty of interest to sell rallies towards $1280/90 but that a break above $1300 will see trailing stops being triggered.

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