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Thu Jun 27, 2013, 01:08 PM

 

Gold Prices Plunge Go Lowest Level In Almost 3 Years

The price of gold is plunging to the lowest level in almost three years, as traders anticipate lower inflation risk as the Federal Reserve dials back its economic stimulus program.

Gold for August delivery dropped $45.30, or 3.6 percent, to settle at $1,229.80 an ounce Wednesday, the lowest since August 2010. Silver also plunged, giving up 93.9 cents, or 4.8 percent, to $18.587 an ounce.

Gold tends to do well when interest rates are low, the dollar is weak and when traders fear inflation.

Those conditions were in place when the Fed's bond-buying program was in full swing, but news last week that the program could be curtailed later this year and ended outright next year caused gold prices to fall sharply.

http://www.kpvi.com/business/story/Gold-prices-plunge-to-lowest-level-in-almost-3-yea/38PQ8MmrFkSSNwgjEwa4gw.cspx

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Reply Gold Prices Plunge Go Lowest Level In Almost 3 Years (Original post)
Purveyor Jun 2013 OP
hollysmom Jun 2013 #1
Recursion Jun 2013 #2
whatchamacallit Jun 2013 #4
pansypoo53219 Jun 2013 #3

Response to Purveyor (Original post)

Thu Jun 27, 2013, 01:16 PM

1. gee, Is it the Glenn Beck effect?

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Response to Purveyor (Original post)

Thu Jun 27, 2013, 01:18 PM

2. Ah, Schadenfreude

It's wrong of me to be gleeful about this, but still...

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Response to Recursion (Reply #2)

Thu Jun 27, 2013, 02:25 PM

4. It's still twice what I paid

Maybe it's time to expand my position.

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Response to Purveyor (Original post)

Thu Jun 27, 2013, 02:20 PM

3. this is an age old pattern. its the gold bubble. AGAIN.

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