Comex Gold Lower As Porfolio Managers Sell To Raise Cash; Stops Triggered

Some sell stops have already been triggered in Comex gold, and more could be hit if the market were to fall through the $1,825- and $1,800-per-ounce areas, says George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures. If so, this conceivably could pull gold down as far as $1,750. Gero attributes the selling pressure largely to efforts by money managers to raise extra cash because of losses in their portfolios. “The inability again of the G-7 (Group of Seven nations) to come up with anything is disturbing some of the markets,” especially equities, Gero says. As of 9:19 a.m. EDT, Comex December gold was $19.30, or 1%, lower at $1,840.20 an ounce.

Sources : http://www.kitco.com/reports/KitcoNewsMarketNuggets20110912.html