In the sixth-floor investment department of the Sakura Building in Chuo-ku, Tokyo, Japan, many traders looked a little strange when they looked at the rebounding gold price. Pen % fun % Pavilion www.biquge.info

"Chairman Mitsui and Federal Reserve Chairman Alan Greenspan said in an interview that if the U.S. economic growth does not meet the expected target, the possibility of another interest rate cut within the year cannot be ruled out." The information director received a noticeable delay.

"Are you going to wait any longer?"

Seeing that the price of gold rebounded from above $291, and soon crossed $292 under the stimulus of the news, the woman Harumi Donigami didn't know what to do.

Although Masao Mitsui issued an order to stick to the gold price of $291, the gold price did not touch the point of $291, and the short-term minimum was only $291.1, which was stabilized by an inexplicable force in the intraday, resulting in Sakura Bank not stepping on the low level of operation rhythm at all.

"Otsuka, the trend of gold prices is a little strange."

It's not just Masao Mitsui who is on crutches, but from the bewildered eyes of the traders in the investment department, you can feel that everyone is not prepared for the gold price to stop falling above $291.

"In any case, it is better to go up than down, and if you really want to kill down, with the billion dollars we have prepared, it is difficult to hold the plate." Although Akio Otsuka said this, his old face did not have the slightest expression of excitement.

"I mean to ask you, Greenspan's interview on the follow-up impact of gold prices, what will the mainstream short side institutions do, looking at the trend of gold prices at this time, it should be a shock to the short side." Masao Mitsui is clearly pinning his hopes on Greenspan to deal a blow to institutions that short the gold price.

"If you observe the trend of gold prices stabilizing in advance from $291, the main institutions of the short side seem to have responded early in the morning, and they took profits and reduced positions before the news came out, and we stuck to the idea of $291, which is obviously lagging behind, and I even suspect that the other party will see through the passive protection disk at $291 and take the lead in cashing out the profit chips, resulting in us at a relatively low level, without opening the slightest long position." Akio Otsuka finally said what he was worried about.

"Calculate the market around $291, the transaction status of the long and short sides." Masao Mitsui explained to the following.

"It's no wonder that our side will lag and hesitate, there is not much money left, and the price of gold is too fierce to fall, it has become difficult to protect ourselves just now, let alone look up and rebound." The woman said comfortingly.

"The main bearish institutions that short the gold price are either too strong in the news channel, or they are extremely sensitive to the market, and they always seem to be one step ahead, otherwise with the help of this Greenspan interview, we will not be able to fight a turnaround." Akio Otsuka sighed, secretly hating that he had missed the most important opportunity.

"It has been counted, when the gold price fell to around $291, the long and short sides each played more than 30 million transactions, but I don't know how many of them belonged to the main institutions of the bears." The old trader quickly responded to the old man on crutches.

"If the main profit of the bears is resolute, in the case of extreme pessimism in the market just now, it is estimated that it occupies the vast majority of the trading volume, because ordinary institutions and investors rarely buy in a position that can still look at the lower line, even if the operation is mostly selling, the market is just three or four minutes, large institutional investors can establish a very obvious advantage." Through the fact that there is no reaction from Japanese funds, Akio Otsuka can think of the psychological state of other investors.

"President, the price of gold has reached $292.5, and this wave of rising momentum is quite urgent." A young trader makes an offer, and seems to be a little anxious that he has not carried out effective operations so far.

"Our position is too heavy, now is not the time to consider the main institutions of the short side, taking advantage of the rebound in gold prices, or to reduce positions on the rise, in fact, people who understand in their hearts know that Greenspan's so-called two interest rate cuts within the year are just to express the determination to maintain the economic growth of the United States, and the possibility of another interest rate cut is almost zero probability, even if there are events beyond everyone's expectations, and then the interest rate will not be achieved in a short time." Akio Otsuka shook his head, and seemed not particularly optimistic about the gold price being raised by the news this time.

"It's late September now, and it's not too long since the end of the year's economy, and then the possibility of interest rates is really small, before that, because the Fed didn't cut interest rates in the first half of the year, many institutions even believe that interest rates may remain unchanged this year, if it weren't for the poor economic data released a few days ago, even this interest rate cut is difficult to promote." The woman Harumi agreed with the old man.

"The substantial interest rate cut just now has not caused a strong boost to the stock market and gold prices, not to mention Greenspan's later remarks, it is estimated that after this high-profile rumor passes, the market sell-off will continue to be released." Akio Otsuka hopes to make Masao Mitsui realize that the situation of the Mitsui consortium is really not good.

"If you reduce your position at a high price, where do you want to see the gold price?"

In the tone of the Federal Reserve's interest rate cut news one after another, the Mitsui consortium will cut its positions if it is long, which will inevitably make Mitsui Masashi, who is on crutches, have a fire in his heart.

"In my opinion, the gold price of $293 seems to be very difficult, if you consider reducing your position, you can only do it around $292.8, and it depends on whether the main force of the bears will provide us with the opportunity to reduce our positions, if the other party pursues and sells in advance, the rebound in gold prices will be even more untenable." Akio Otsuka's statement seems to have to hope that the main institution of short-selling can let go of Japanese funds.

"What happens if you don't reduce your position?"

Mitsui Masaki really didn't want to admit it, and asked the old man unwillingly.

"When Greenspan's speech wording passes, once the gold price is first suppressed by the main force of the bears, it is estimated that it will soon return to the previous heavy selling pressure, and then $291 will be tested, and our long positions are too saturated, and the capital chain is too tight, it is difficult to form resistance at the important low level." Akio Otsuka solemnly analyzed.

"It is undeniable that this time our Japanese funds failed to operate the international gold spot, and it is indeed not a way to do it without admitting mistakes and carrying the previous ideas. Especially in the high position near 293.5 US dollars, it is too dangerous, this time the gold price rose and fell, has formed a short-term important head, not only today, it is estimated that in the next few trading days, gold prices will remain volatile to seek support, in this case, we want to maintain the safety of high positions, will encounter a bottomless pit of capital investment continues to be swallowed. The woman said objectively and objectively.

"We reduce our positions, where do you think the main force of the market bears will sit on the gold price?" Masao Mitsui asked with a deep breath.

"Judging from the previous volume of $291, the main force of the bears should also recognize the short-term support of this position, if the other party does not increase investment, once the gold price falls to this position again, the other party is likely to show a slow profit-taking situation." Akio Otsuka is really worried about the main force of the empty side to stir up the situation.

"Otsuka, are you expecting that the main agency of the empty side will be able to get out, right?" Masao Mitsui looked tired, as if chatting with an old friend.

"Indeed, this main force of short funds is too ferocious, and the sense and operation are extremely delicate, I only hope that after they take profits, their greedy desires can be temporarily satisfied, so that we can win respite, just imagine, a vicious and extraordinary thief, wielding a dagger and constantly stabbing at the prey, is too frightening." The old man Akio Otsuka had a bitter face, and he didn't even dare to think too deeply, only hoping to help the Mitsui Foundation tide over the current difficulties.

"Offer, is everyone dumb?"

Finding that the traders of the investment department were like soldiers who had been fighting for a long time, and they were paying attention to this side, Mitsui Masao couldn't help but be annoyed.

"Gold prices are still in the process of rebounding, has reached $292.8, but intraday selling pressure has emerged one after another, and there are signs of resurgence on the bearish side that has just died down." The offer of an old trader is somewhat tendentious.

"In this position, first reduce some high-level positions, look at the situation, and then say, the closing order should not be too large, so as not to fuel the arrogance of the bears." Because it was above $291 before, it was preempted by the main agency of the short side, resulting in the relationship that did not react here, Masao Mitsui is still a little afraid, and if he does not reduce his position first this time, he will lose one of his few initiatives again.

"The holding cost of $293.5 is closed at $292.8, which can no longer be described as a normal position reduction, it is simply cutting positions." Traders generally have such thoughts, so they do not make an offer, but just silently carry out the operation.

"The momentum has simply dropped to the freezing point, and it seems that the real battle is happening at $293.5, but when I went to the field two days ago, I have been under tremendous pressure, and if I still refuse to admit my mistake at this time, there is really no room to continue to maneuver with the pursuers." After discovering the depressed mental state of many traders in the investment department, Akio Otsuka has realized that the Japanese group funds have completely failed this time.

Looking out of the glass window, the night at half past two in the morning was no longer so dark, not only Akio Otsuka, but everyone in the investment department of Sakura Bank hoped to see some light and get through the most painful night, not wanting to be attacked again.

"Still no, it seems that the effect of Greenspan's interview has passed, when the price of gold is close to $293, the buying order is a little unable to keep up, and the active selling orders are constantly pouring out, suppressing the gold price." In less than three minutes, just as the price of gold turned around, the old trader was unable to report.

At this time, the traders in the investment department of Sakura Bank had already become frightened birds, and once they found that the gold price turned around, they even had extreme fear.

is afraid of the fall in gold prices, a group of traders cut positions, be careful and no longer be careful, but still can not avoid changes in market trends.

"Do you want to sell the goods and close the position?"

Even if the trader did not quote the number of closed positions, Masao Mitsui could realize that it was not ideal.

(The first one will be delivered, and there will be a little later.) ）