Dow Jones Industrial Average, S& P 500 made new highs yesterday.The market may decline all day long with rallies in between. If you did not sell TZA yesterday or day before, you will get an opportunity to sell it today. Traders among you can buy TNA by the end of today or latest by Monday morning, as we expect the market to retest its highs of yesterday. We will sell TNA at that time or whenever it crosses below 15 day moving average. At that time we will buy back TZA.
"Europe's finance ministers meeting in Dublin on Friday are facing a renewed crisis on multiple fronts,with a backlash against austerity acting as a gloomy backdrop for negotiations over bailout extensions for Portugal and Ireland, while tackling Cyprus's botched bailout and growing worries about Slovenia.
Investors, increasingly aware of the euro zone's disarray, will be closely watching the results of that meeting.
On Thursday, Cyprus confirmed that the cost of its troika-initiated bailout had surged to 23 billion euros ($30 billion) from 17.5 billion euros, further jeopardizing its moribund economy. It has also confirmed that it may have to sell most of its gold reserves to raise about 400 million euros to finance its part of the bailout. " CNBC
"Cyprus holds just 13.9 tonnes of gold, worth around 585 million euros, compared to 4,800 tonnes held globally. Under the draft EC plan,the country would sell 400 million euros ($525 million) worth of bullion or round 10 tonnes, a small amount by global standards, but still potentially the biggest bullion sale in Europe since 2009
Struggling euro zone members, Italy and Portugal have much larger gold holdings, and investors are worried that if they followed suit it would really roil the market." CNBC
This is why Gold is going down sharply. In fact both Gold and Silver made one year lows today and decline will continue. See the chart for Gold ETF GLD
"Europe's finance ministers meeting in Dublin on Friday are facing a renewed crisis on multiple fronts,with a backlash against austerity acting as a gloomy backdrop for negotiations over bailout extensions for Portugal and Ireland, while tackling Cyprus's botched bailout and growing worries about Slovenia.
Investors, increasingly aware of the euro zone's disarray, will be closely watching the results of that meeting.
On Thursday, Cyprus confirmed that the cost of its troika-initiated bailout had surged to 23 billion euros ($30 billion) from 17.5 billion euros, further jeopardizing its moribund economy. It has also confirmed that it may have to sell most of its gold reserves to raise about 400 million euros to finance its part of the bailout. " CNBC
"Cyprus holds just 13.9 tonnes of gold, worth around 585 million euros, compared to 4,800 tonnes held globally. Under the draft EC plan,the country would sell 400 million euros ($525 million) worth of bullion or round 10 tonnes, a small amount by global standards, but still potentially the biggest bullion sale in Europe since 2009
Struggling euro zone members, Italy and Portugal have much larger gold holdings, and investors are worried that if they followed suit it would really roil the market." CNBC
This is why Gold is going down sharply. In fact both Gold and Silver made one year lows today and decline will continue. See the chart for Gold ETF GLD
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