After biotech stocks hiccupped on Thursday, April 11, 2014, ISI analyst Mark Schenebaum told the world: “Horrible day in biotech. I’m frankly at a loss for an explanation. And it’s my job to know why. [The reason he gets paid the big bucks – FJS.] Schenebaum “has been following the sector since 2000,” but maybe spent too much time golfing.
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%.
Fundamental drivers for gold are so numerous I hardly know where to start.
Owning some gold has long been a part of the Money Morning investing philosophy. After all, gold offers some insurance against the dollar-debasing policies of the U.S. Federal Reserve.
I strongly believe that everyone should own some physical gold. It’s been the store of value, and the preferred method of asset protection for more than 5,000 years. It’s irreplaceable.
But I also believe that every investor ought to own at least some of the new digital money known as bitcoin.
Why gold is up today: Gold prices on Tuesday morning staged the biggest advance since mid-October. Gold prices ended Tuesday’s session sharply higher, hitting a three-week high. February gold gained $28, or 1.5%, at $1,262.20 an ounce. Spot gold added $22.70 to reach $1,263.50 an ounce.
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.