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Gold/Mining/Energy : Gold & Gold Stock Analysis
GLD 190.81-1.6%4:00 PM EDT

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To: SuriJohn who wrote (29505)4/28/2015 10:17:22 AM
From: Kirk ©  Read Replies (2) of 29591
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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