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Business Title: Gold Tumbles Most Since December 2008 Gold plunged in New York, heading for the biggest drop in 18 months, on speculation that financial markets may be stabilizing, eroding the appeal of the precious metal a haven. Bullion has tumbled more than 5 percent in two days, erasing gains in the past two weeks that sent the metal up as much as 16 percent since Aug. 5 to a record $1,917.90 an ounce yesterday. On Aug. 16, Wells Fargo & Co. said climbing speculative demand from investors had pushed the market into a “bubble that is poised to burst.” U.S. equities climbed today after a Commerce Department report showed orders for U.S. durable goods climbed more than forecast in July as a surge in demand for aircraft and autos eclipsed a decrease in business equipment. Federal Reserve Chairman Ben S. Bernanke and other central bankers meet this week in Jackson Hole, Wyoming, to address the U.S. recovery. “This is liquidation from a crowded trade,” Adam Klopfenstein, a senior market strategist at MF Global Holdings Ltd. in Chicago, said in a telephone interview. “Investors are paring down positions in gold on expectations Bernanke will do something to boost equity prices.” Gold futures for December delivery plunged $76.10, or 4.1 percent, to $1,785.20 an ounce at 10:58 a.m. on the Comex in New York. A close at that level would be the biggest loss since Feb. 4, 2010. “This is just pure panic selling,” Frank McGhee, the head dealer at Integrated Brokerage Services in Chicago, said in a telephone interview. Before today, gold’s 14-day relative strength had been above 70 since Aug. 8, a signal to technical traders that prices are poised to fall. Before today, gold gained 31 percent this year as burgeoning global debt crises and turmoil in equity markets boosted the appeal of the metal as an alternative asset. “Europe is on vacation and the sovereign-debt fears are being addressed,” Frank Lesh, a trader at FuturePath Trading, said in a telephone interview from Chicago. “The currency markets are pretty stable and not scaring anybody at the moment.” Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest I feel sorry for anyone who bought gold recently - especially those who were egged on by right wing bombasts shills. With the economy still in the dumper -- maybe permanently? -- and full-time jobs becoming as scarce as rain during a drought, huge percentages of Americans have had their (misplaced) faith in the American dream shaken, the upper-middle-class consumerist lifestyle is exposed as a mirage for anybody who plays by the rules. Capitalism and the America that embraced it as a way of life is now and forever more a failure. It does me good to know that the generation that voted in Reagan and his ideology will see their America die from that ideology before their very own eyes and knowing they had a hand in its destruction. #2. To: Godwinson (#1) especially those who were egged on by right wing bombasts shills. I heard Hannity mention that he would soon have a new sponsor, the criminal enterprise "Goldline". Must be getting desperate for advertiser $$$ Never swear "allegiance" to anything other than the 'right to change your mind'! #3. To: Brian S (#0) Gold plunged in New York, heading for the biggest drop in 18 months, on speculation that financial markets may be stabilizing, eroding the appeal of the precious metal a haven. STABILIZING? LMAO!!!!!!!! The two sides in America are people who work for a living versus people who vote for their living. Top • Page Up • Full Thread • Page Down • Bottom/Latest |
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