Tepid data from the US, Europe and China was not enough to halt golds slide yesterday. The move overnight brought back unpleasant memories of 2013 when sharp...
Tepid data from the US, Europe and China was not enough to halt golds slide yesterday. The move overnight brought back unpleasant memories of 2013 when sharp $10-$20 slides occurred in a short time frame, with no easily discernible catalyst. Gold had looked to be stabilizing around the USD $1325 - USD $1330 range before falling sharply toward USD $1315 per ounce, and has obviously trickled even lower since. Silver has been hit too, currently sitting at USD $20.09 per ounce, reducing its gain year to date to just 3%. It had been as high as +13% at one point. Even the weaker than expected data overnight from the US wasn't enough to put a bid under the yellow metal, with the Markit US PMI dropping to 55.5, with factory orders declining, new orders, employment and output all still expanding, but at a slower rate. More details here (VIEW LINK)
Gold bull since early 2000. Have spent +20yrs working in investment analytics, research & portfolio construction. Author of two books on investing in gold and the causes of the GFC. Lover of markets, competition & technology