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.
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 in 2013 haven’t performed as well as the previous few years – but Washington continues to give us plenty of reasons to buy the yellow metal.
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.
This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission. Gold prices today continue to bounce up and…
This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission. Part of the recent move up in gold…
