Author Topic: Gold tumbles to two-year low  (Read 328 times)

0 Members and 1 Guest are viewing this topic.

Online mystery-ak

  • Owner
  • Administrator
  • Hero Member
  • ******
  • Posts: 242,654
Gold tumbles to two-year low
« on: April 15, 2013, 08:26:42 AM »
 April 15, 2013 10:45 am
Gold tumbles to two-year low

By Jack Farchy in Lausanne

The slide in gold prices became a rout on Monday as the precious metal tumbled a further 5 per cent to its lowest level in two years.

Bullion was swept up in a wider sell-off across markets after Chinese growth figures disappointed. But the momentum behind gold’s fall has been building for several months, with investors increasingly questioning whether the metal’s decade-long bull market may over.

continued at link
“There is no other way to put gold’s recent sell-off: nasty,” said Joni Teves, precious metals strategist at UBS in London, adding that gold would have to work to “rebuild trust” among investors.

Spot gold prices fell as much as 5 per cent to a low of $1,384.69 an ounce, the lowest in two years. The metal has now fallen 26 per cent since hitting a record high of $1,920 a troy ounce in September 2011. Silver joined in the rout, falling 10.8 per cent on Monday to $23.07 an ounce.

Support the USO
#NeverHillary  Not#NeverTrump

Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo