The BNN invited the CPM Group’s Jeffrey Christian yesterday to attempt to explain last Friday’s $60 move UP in gold- which Christian states the violent move was due to standing buy orders rather than short covering.
When asked what is the biggest risk to being long gold now (likely the biggest soft-ball question the shill has ever been lobbed), Christian responds:
‘That the price of gold may fall. We’ve seen the gold price bounce of $1530 three times now. If the $1530 level is breached, perhaps during the period of June, July, August, you will see a cascade of sell orders come in, targeting $1140.’
Christian’s full BS can be seen at BNN after the jump: