Stop Losses Triggered as Gold Futures Fall Below $1,500/oz
Gold futures fell below $1,500 an ounce, triggering numerous stop losses. The gold community hasn’t seen prices this low since September 2011. Many traders believe it was just a fluke as there has been no major news that would cause such a drastic decrease in the price of gold.
In the wake of gold prices plummeting, the U.S. dollar continues to gain strength while the euro continues to fall. At the current time, $1 is equal to 0.76 euros.
Gold companies have not fared any better as stocks have fallen across the board. Novagold Resource Inc. fell precipitously, with the stock sinking 10% to $2.69. Royal Gold also traded lower as stock sank 3.58%.
When it comes to ETFs, they did not take as much of a hit, but still faced losses. The Market Vectors Junior Gold Miners ETF fell a large 7.52%. Stock for Physical Asian Gold only fell 0.7%.
This has been an off day for precious metals and there is speculation they will improve next week.
2013-04-12 12:53:30
Source: http://www.goldalert.com/2013/04/stop-losses-triggered-as-gold-futures-fell-below-1500oz/
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