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Commodities Briefing - Categorized | Bullion/Gold, Price Watch more

Spot gold prices to hit $1,500?

Posted on 05 October 2010

From Thestreet.com: Spot gold prices were dipping in the red Monday afternoon due to profit taking, which kicked in after the yellow metal hit about $1,320 on Friday. “People saw it all weekend long,” EverBank president Chuck Butler said of the Friday price level. This profit taking “just makes a lot of sense.”
According to a coin dealer Butler spoke to recently, there’s been an increase in individual selling of gold recently to pay bills — electricity bills for instance. Butler noted that this selling is sparse compared to the panic selling seen a several years ago, when gold tumbled from $1,000 to $900 to $800……………………………………….Full Article: Source

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