Sometimes the world conspires against you. Or at least it seems to. Winter superstorm Sandy clobbered us here in the Northeast US yesterday through last night, and is now easing up as it hopefully moves over the Atlantic Ocean to snow on some fish. By the way – thank you Weather Channel for naming winter storms – not really.
I’m pretty sure the storm drove away some US trading volume yesterday. Though you couldn’t tell by looking at GLD, just very slightly lighter volume than normal. GLD held its ground price-wise until about 1PM Eastern, when it sagged off into negative territory.
NUGT had a decent morning going then fell out of bed just after noontime. Guess the folks left at the trading desks decided to take recent profits and run.
All this dropping is no doubt due to today’s probable Fed rate hike announcement. This behavior of humans always amuses and confounds The Gold Enthusiast: Some event which has been widely publicized, and so in theory should already be baked into prices, finally arrives – and prices make a big change. I mean, come on folks, have we learned nothing in the last 5000 years of trading? The Egyptians could tell 6 weeks in advance whether it was going to be a big harvest or a small one, and figured out their strategy in advance. No electronics, no internet, nothing more than a pair of eyes and a working brain.
Today, with all our supposed improvements, we still freak out at the last minute over things we knew were gonna happen? Pathetic.