Wednesday, June 26, 2013

Rushing to the Exit: Gold's Decline Is Feeding on Itself

From CNBC: Gold prices, now at a three-year low, could continue to get hammered as investors reshape their views of the precious metal.  Forecasts for $1,000 an ounce gold sound much less far-fetched than they did before the metal breached $1,300 on June 20..

When gold fell through $1,300 last week, it broke below the 50 percent retracement level from its 2011 high, prompting more selling. The SPDR Gold Shares ETF, the largest physical gold ETF, was down more than 3.5 percent Wednesday, as was iShares Gold Trust ETF IAU. Both were trading at August 2010 lows. The GLD ETF fell $667 million Tuesday, putting its assets under management below $39 billion, according to Index Universe. It started the year at $72 billion…

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