GOLD is the money of the KINGS, SILVER is the money of the GENTLEMEN, BARTER is the money of the PEASANTS, but DEBT is the money of the SLAVES!!!

Thursday, June 27, 2013

Gold price hammered to $1,277, at 33-month low: Next stop, $1,000?

The gold rush is over, says the man who predicted the 2008 global collapse
By    Vicky Kapur

Published Thursday, June 20, 2013

Gold prices got hammered on Thursday, sinking to $1,277 per troy ounce by 11.30pm UAE time, having come under massive seling pressure amid a bearish global sentiment. Precious metal bulls got mauled badly today as gold tanked by as much as 6.5 per cent, or $89 per troy ounce during the session.

The yellow metal is now down by $414 an ounce, or over 24 per cent, since hitting a 2013 high of $1,692/oz on January 22. This means that investors that bought into the precious metal in January this year have lost almost a quarter of their capital, with analysts expecting further agony for the gold bull in the days to come.

Spot gold price is now at a 33-month low, with these levels not seen since September 21, 2010. Investors will also remember that gold made its famous all-time high of $1,923/oz in September 2011, which means that the precious metal has shed a massive 33.5 per cent, or a third of its value, in less than two years (21 months).

A myriad of factors, including a very real possibility of the US Federal Reserve curtailing the quantitative easing program in the near future, an overbearing tax on gold consumption in India (world's largest gold consumer), and a strong dollar are all being cited as the reasons behind gold’s recent plunge.

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