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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