Job cuts: the vicious cycle
The quest for physical gold continues. I was told this morning that some dealers are now adding an 80 dollar premium over the gold price for gold coins (if you can find any coins). Yet the hedge funds, who are receiving redemptions, continue to be sellers of "paper gold" (GLD) in order to raise cash, thus holding the price of gold down.
The Selling Pressure Index is at new highs for the bear market, and the Buying Power Index is at new lows. This is obviously a bearish combination.
The primary bear market was re-confirmed today. The direction of the market is to lower levels.