Friday, June 21, 2013

Gold Now at Levels Worse Than April's Big Selloff

From CNBC:  “….Gold, which has declined more than 30 percent since its peak of around $1900 in 2011, has fallen victim to a heavy bout of selling since April. The benign global inflationary environment has lessened the appeal of the metal as a hedge against rising prices. In addition, prospects for a scaling back of liquidity in the world's largest economy, alongside a stronger U.S. dollar, have also weighed on the precious metal.

“Jim Iuorio, managing director at TJM Institutional Services, says he has seen a shift in sentiment among investors towards gold, which doesn't bode well for prices.

"Something has changed materially in the sentiment in the gold market and that's become evident to me. Even today when the stocks were taking on the chin and people flocked to bonds, they didn't touch gold," said Iuorio…..”

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