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FSN: Gold Sinks 6%; Copper Hit After China Data
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
Weak sentiment, potential central-bank sales also blamed
by Carla Mozee, Barbara Kollmeyer and Sara Sjolin
Market Watch
MADRID (MarketWatch) — Gold futures dropped more than $100 an ounce at one point in European trading hours on Monday, deepening their descent after entering bear-market territory last week, while prices for industrial metal copper also slumped following economic data from China that fell short of expectations.
Gold for June delivery tumbled $93.40, or 6%, to $1,407.60 an ounce, but has dropped to as low as $1,384.60. Gold last week lost 4.7%.
The losses exceeded gold’s heavy drop on Friday, when it lost $63.50, or 4.1%, to $1,501.40 an ounce on the Comex division of the New York Mercantile Exchange. Friday’s settlement price marked a 20.5% drop for the most-active contract from the record settlement of $1,888.70 an ounce reached on Aug. 22, 2011.
Traders and analysts have cited numerous reasons for gold’s breakdown.
Continue Reading at MarketWatch.com…
2013-04-15 08:16:56
Source: http://silveristhenew.com/2013/04/15/gold-sinks-6-copper-hit-after-china-data/
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