Why Are Small Investors Still Buying Gold?
Tuesday, April 16, 2013 2:33
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Last week saw the most precipitous fall in gold prices in almost two years. On Friday, on the Multi-Commodity Exchange of India gold suffered its biggest daily loss ever, and gold futures for June delivery plunged $63.50, or 4.1%, to settle just above $1,500 an ounce on the Comex in New York, the weakest closing since July, 2011. Holdings in GLD the SPDR Gold trust ETF and the biggest exchange fund backed by gold bullion, hit 1,181.4 metric tons, the lowest in nearly three years. Today at the time of this writing gold is off nearly another 4%, trading around $1420 an ounce, more than a 20% decline from its all time high of 1923.70.
