Gold futures tumble 5% as investors seek cash
Thu, Oct 16, 2008
MarketWatch reports gold prices falls for the first time below $800 per ounce as investors look for cash.
Also pushing gold prices lower were news reports that central banks were selling gold. The latest weekly data from the European Central Bank showed 7.6 tons of gold was sold during the week ended Oct. 10, according to Bloomberg, citing Barclays Capital.Central banks sell gold to earn more cash, but their selling is helping push the gold prices lower, analysts said.
Peter Grandich, chief commentator at Agoracom says:
“Investors worldwide are selling everything, including the kitchen sink, and gold is no exception.”
For complete story, click this link. Follow developments in gold mining and exploration for free.Sign on to the Gold Investing Newsletter.
Tags: Au, cash for gold, Gold, gold bullion, gold commodity, gold exception, gold futures, gold investing, gold markets, gold per ounce, Gold prices, sell gold, spot gold, spot gold markets, tons of gold
October 16th, 2008 at 10:46 am
I can’t believe this.
What are the odds of Gold going up again?