Frank Lesh, futures broker at FuturePath Trading, said market activity could be volatile next week.
FORBES: METALS OUTLOOK: Consolidation Possible For Gold Next Week
Frank Lesh, futures broker at FuturePath Trading, said gold overall looks like it could rise next week.
Speculators can be professional traders, or amateurs with a futures broker.
Frank Lesh, futures broker at FuturePath Trading, said even with gold prices rebounding this week, at least 10% to15% of gold ETFs are underwater, and those holders are likely to be sellers on any bounces.
FORBES: METALS OUTLOOK: Tug-Of-War Action Possible For Gold Next Week
But Frederick Grede, the trustee overseeing the bankruptcy of Sentinel Management Group, a futures broker that went bust in 2007, told Bloomberg that if MF Global is sued, it could take years for customers to get their money back.
FORBES: Anger Builds Over MF Global Mess - And Spells Trouble
Frank Lesh, futures analyst and broker at FuturePath Trading said after selloffs or moves of this magnitude, he looks for most commodities, including gold, to develop a trading range.
FORBES: METALS OUTLOOK: Gold Could Stabilize Next Week, But Analysts Cautious
Lee Partners, has lost hundreds of millions of dollars on Refco, a futures and commodities broker that went bankrupt last month, and may therefore be more interested in selling its stake in Warner Music.
Frank Lesh, broker and futures analyst with FuturePath Trading, said central bank action is important.
FORBES: METALS OUTLOOK: Gold Could See Potential Bounce Next Week, But Market Watchers Cautious
Frank Lesh, broker and futures analyst with FuturePath Trading, said the technical charts look weak for gold.
FORBES: P.M. Kitco Metals Roundup: Weaker Technical Chart Picture Pressures Gold, Silver
Frank Lesh, broker and futures anlayst with FuturePath Trading, said the move is supportive for the gold market.
Michael Gross, broker and futures analyst with OptionSellers.com, said a lot of the gold bulls were hoping for a third quantitative easing.
Gold bulls were encouraged when the minutes showed FOMC policy-setters had a discussion on whether to undertake QE3, said Frank Lesh, broker and futures analyst with FuturePath Trading.
FORBES: FOCUS: Gold Rises After FOMC Minutes Show Discussion About More Monetary Easing
As a result, some traders who had established long positions, or bought gold, on hopes for further quantitative easing are now exiting, explained Michael Gross, broker and futures analyst with OptionSellers.com.
FORBES: Gold Futures Extend Declines On Forced Liquidation; Potential Support On Horizon
This was due to selling related to disappointment from those longs who had been looking for some kind of announcement on quantitative easing, said Frank Lesh, broker and futures analyst with FuturePath Trading.
You can have a broker sell futures contracts on your behalf in Chicago, where traders have lately been betting that the house-price index in Los Angeles will fall only 11.5% over the next two years.
Frank Lesh, broker and futures analyst with FuturePath Trading, said he sees prices trading steady to lower next week as markets in general are consolidating and gold is starting to look technically bearish in the short-term.
FORBES: Market Participants Divided On Gold's Price Direction For Next Week
Daniel Pavilonis, senior commodities broker with RJO Futures, said he sees further weakness for gold.
FORBES: METALS OUTLOOK: Europe, Global Economic Growth May Dominate Headlines Again Next Week
The fact that they are demurring this year is telling, says Jack Scoville, a broker at Price Futures Group.
Bob Haberkorn, senior commodities broker, RJO Futures, said the short-term trend in gold is down, although longer term he still likes gold.
An agreement would be expected to underpin the euro, thereby helping gold, said Gero and Daniel Pavilonis, senior commodities broker with RJO Futures.
FORBES: Gold Market Expected To Focus On Greece, Fiscal Cliff, Fed Speakers Next Week
"I'm sure there are a lot of margin calls being triggered and positions being blown, " said Bob Haberkorn, senior commodities broker with RJO Futures.
"There's a tug-of-war going on as to which one is going to be the ultimate benchmark, " said Michael Sabo, senior commodities broker at RJO Futures.
Some of the weakness was tied to several analysts downgrading expectations of forthcoming U.S. fourth-quarter gross domestic product after the release of monthly trade data, said Dan Pavilonis, senior commodities broker with RJO Futures.
FORBES: METALS OUTLOOK: Uncertainty Still A Hallmark For Gold; Market May Hold Range Bound
She also trades options on futures and speaks daily with a broker at Lind-Waldock to discuss strategies.
Tintle, 35, is a broker and market analyst with Transworld Futures in Tampa, Fla.
FORBES: Jimmy Tintle's Trading Methodology Relies Upon Fundamental Analysis, Moving Averages
"This is panic, this it isn't organized at all, " said Phil Streible, a senior commodities broker at RJ O'Brien Futures.
ETNs are relatively cheap to buy and sell and any broker can handle the trades (unlike futures and options).
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