Sell in May and Go Away

The age old warning for stock market investors might end up being relevant to precious metal bulls this year, with gold and silver both falling substantially as May begins. The activity was particularly brutal for silver, which was off 5% at one point, as the lowest initial jobless claims report in some 15 years combined with better than expected personal consumption data to dent demand for the complex. May day holidays in large parts of Asia have seen the market remain relatively subdued today, with very little flow, though we might see some action tonight with manufacturing, construction spending and sentiment figures set to be released. A series of beats there could see gold fall through USD $1180oz as we head into payrolls week. We cover that, our thoughts on an impending RBA rate cut, why investors should ignore the daily noise as best they can, Magellan's upping of their cash position, and Albert Edwards calls for QE everywhere. We also touch on central banks, and whether they a contrarian indicator for the gold market Full report here (VIEW LINK)