Borsa MAX Borsa

SALAMANDER FUND: MI SPIACE, MA NON HO LA TRADUZIONE ... November witnessed something we have seen only too often this year, i.e. the general stock market being bid with abandon and precious metals and related stocks being sold with abandon. The U.S. economy will improve sharply in 2014, the FED will taper its purchases of treasury and mortgage bonds, so why own precious metals? This is the mantra for the time being. In the meantime positioning in the gold market is moving to extremes never seen before, with shorts piling in and gold reserves available for delivery at the COMEX diminishing by the day at levels unseen since the mid-1990’s. On December 18th the FED finally tapered, reducing its monthly purchases by 10bn. monthly, and the statement was followed by a sell-off in gold and bonds but by a rise of the stock market. Something is wrong in the Kingdom of Denmark said a well known 16th century dramatist, and the dichotomy between bonds and stocks seem to bring substance to the statement. Gold has since stabilized around USD 1200, the level considered to be the last line of defense by technicians if a waterfall decline is to be avoided. Truth to be said gold stocks until now have behaved better than gold itself, with the selloffs of December 18-19 fully recovered as of today (December 26). This backs the theory that the bear market is in its final phase but we will have to wait January to see if this is true. As of today (December 26th) the fund is down about 1.60%