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Gold/Mining/Energy : Gold & Gold Stock Analysis

GLD 263.90

+0.2%

Feb 7 4:00 PM EST

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To: SuriJohn who wrote (29505)	4/28/2015 10:17:22 AM
From: Kirk ©	Read Replies (2) of 29622

Gold surged above $1,200/oz. on Monday in its best day since January, amid reports Friday that Venezuela's central bank had converted 1.4M oz. of its gold reserves into at least $1B in cash through a swap with Citibank. "That was a huge potential seller taken out of the market. It's not an overhang anymore," Dennis Gartman said on the Venezuela deal. Other gold watchers say the bigger factor driving prices was the expiration of May options and short covering; an increase of 13K shorts in the market is a positive since those traders could be forced to buy gold when they cover, says Kevin Grady of Phoenix Futures and Options.

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