Precious metals are under pressure once again this morning led by Silver which just hit its lowest since August 2010. It appears investors are liquidating precious metals to make room in their 'safe haven' portfolio for precious Ma's Alibaba IPO... because what could go wrong there... (Russell 2000 is also seeing notable liquidation)
What makes us think this is BABA liquidation (obviously tongue-in-cheek but the timing is odd...)
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As Silver gets relatively slammed...
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- *GOLD FALLS 0.8% TO $1,215.82/OZ IN LONDON, LOWEST SINCE JAN. 2
- *SILVER FUTURES FALL TO $18.125/OZ, LOWEST SINCE AUG. 2010
It seems Russell and Nasdaq positions are also being liquidated for the "can't lose" BABA...
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The Russell 2000 is now below pre-FOMC levels...
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Charts: Bloomberg
