17.04.2013 - Gold and commodities: The not so precious metal
The "barbarous relic" is how Keynes referred to gold, and recent buyers of the stuff might not be too well disposed to it either. Over Friday and Monday, gold suffered its biggest plunge in value in 30 years. At one point on Monday, the market price of a troy ounce dropped by over $30 in just a few minutes. Even after a mild recovery yesterday, at $1,363 an ounce, the not so precious metal remains more than $200 below where it began on Friday. Why the plunge? Very few of the explanations are especially persuasive. A slowdown in China (which is a major buyer of commodities)? Hardly news. Ditto the signs of a (very) mild pickup in the US...........................................Full Article: Source
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