Gold prices took a beating Tuesday, plunging nearly 2% and marking the yellow metal’s worst day of the year.
Goldman Sachs (NYSE: GS) must really want to buy more gold; this week it repeated yet again its forecast for gold prices in 2014 to drop to $1,050 an ounce.
Gold Prices in 2014: After two days of declines, gold prices were up today (Wednesday).
Spot gold was last quoted up $12.40, or nearly 1%, at $1,293.20 on bargain hunting and short covering. Precious metal traders, however, remain guarded ahead of Thursday’s European Central Bank meeting and Friday’s closely watched jobs report.
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the bigger story affecting gold prices was the FOMC’s decision to alter language on when the Fed would start to consider an increase in interest rates once U.S. employment reaches 6.5%.
It’s been another painful week for the precious metal amid what’s been one tough year for gold bulls.
Gold futures ticked up Friday, following a two-day dip that left gold prices at levels not seen since early summer.
In mid-afternoon trading, gold for December delivery inched up 0.13%, or $1.60, to $1,240.90.
We all know that, so long as the Fed keeps the printing presses on, the risk of a worldwide currency crisis gets even higher.
Gold prices are the honey badger of precious metals right now.
As 2011’s very popular YouTube video showed us, the honey badger makes moves that don’t make sense – it “don’t care.”
And neither does gold.
It’s been a volatile year for those investing in gold and silver.
Gold is down some 20% year to date, and silver has lost more than 30%. The yellow metal tumbled more than 30% in the three quarters to June as fears mounted of an early end to the U.S. Federal Reserve’s bond-buying program.
Gold prices seem to have stabilized today, trading once again above the $1,300 an ounce mark.
This follows a tumble yesterday of more than $40 an ounce to as low as $1,284 an ounce. That price was nearly a two-month low and put the precious metal down 23% in 2013.
In a week in which the gold price is trading in the $1,335-per-ounce range, all eyes in the gold industry are focused on Denver.
That is the site of the annual Denver Gold Forum, the most prestigious event centered around the world’s largest gold mining companies. The event was held from Sept. 22-25 this year.
What sets this event apart from other events is the participation of nearly all the CEOs of the large gold mining firms along with major gold analysts and institutional investors.
Despite the drop in gold prices so far this year, attendance at the Forum usually falls when gold prices are down, but organizers expected the number of attendees to match or exceed last year’s. This indicates that interest in the sector is still quite high.