Last price129.22Prev Close129.09
Day Low128.85Day High129.59
52 Wk Low114.8252 Wk High156.25
Why Gold Prices Are Down Right Now
Gold prices are the honey badger of precious metals right now.
As 2011's very popular YouTube video showed us, the honey badger makes moves that don't make sense - it "don't care."
And neither does gold.
Like the honey badger, gold prices just don't seem to care that the world has teetered on the brink of destruction all year. They just keep heading lower.
Here’s what’s been dragging gold down...
Time to Buy These "Out of Print" Assets
From the Editor: We've been tracking this threat for years, ever since Keith Fitz-Gerald brought it to your attention back in January 2010. Today, Resources Specialist Peter Krauth weighs in on some recent developments in this story, because three of the commodities he covers can protect you. The Fed can't print these things... Here's Peter.
Central banks may have foolish policies, but central bankers are no dummies.
They know exactly what they're doing. They even comprehend a few of the implications, too.
Which is why it's interesting that some American central bankers have suggested doing away with the debt ceiling altogether.
Famed investor Marc Faber recently said, "The question is not tapering. The question is at what point will they increase the asset purchases to say $150 [billion], $200 [billion], a trillion dollars a month."
Faber expects the Fed's current QE4 to become "QE4-ever."
That could mean years of money printing and ultra-low rates.
Even bond king Bill Gross recently chimed in his latest monthly outlook that "The United States (and global economy) may have to get used to financially repressive - and therefore low policy rates - for decades to come."
Either way, don't depend on the Fed to save you. You can save yourself.
And now you'll need to...
Higher Gold Prices and Coin Sales Point to Growing Gold Rush
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.
This week showed us how sensitive the price of gold can be to news from Washington.
On the heels on the down-to-the-wire U.S. government budget and debt ceiling deal, gold prices moved abruptly higher and soared above the key $1,300 level.
Here's why the next round of budget battles will be good for gold...
Why Gold Prices Fell Yesterday
Gold prices seem to have stabilized today, trading once again above the $1,300 an ounce mark.
This follows a tumble yesterday of more than $40 an ounce to as low as $1,284 an ounce. That price was nearly a two-month low and put the precious metal down 23% in 2013.
At that level, gold was trading more than $50 below its 50-day moving average. To technical analysts, this confirmed the downtrend in the precious metal, bringing about a wave of selling by those who strictly follow the charts.
However, there were factors at play in gold's selloff other than technical selling.
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Industry Insiders Discuss Where Gold Prices Are Headed and How to Profit
In a week in which the gold price is trading in the $1,335-per-ounce range, all eyes in the gold industry are focused on Denver.
That is the site of the annual Denver Gold Forum, the most prestigious event centered around the world's largest gold mining companies. The event was held from Sept. 22-25 this year.
What sets this event apart from other events is the participation of nearly all the CEOs of the large gold mining firms along with major gold analysts and institutional investors.
Despite the drop in gold prices so far this year, attendance at the Forum usually falls when gold prices are down, but organizers expected the number of attendees to match or exceed last year's. This indicates that interest in the sector is still quite high.
The QE Helps, But Expect Higher Gold Prices Regardless
The U.S. Federal Reserve pixie dust resulted in higher gold prices this week, much as it lifted silver prices and stocks.
Gold buyers reacted enthusiastically to the Fed's announcement on Wednesday that it would not reduce its $85 billion a month bond purchases, known as quantitative easing, or QE for short.
Gold prices leaped the most in 15 months, after the Fed's "no taper" move, to about $1,365 an ounce.
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Why Gold Is Going Down Today
Precious metals investors once again are left to wonder why gold is going down today as the metal hits its fourth consecutive day of declines.
In trading Thursday, gold for December delivery finished the session down $33.20, off 2.4%, to $1,333.60 per ounce. Gold prices on Thursday fell more than $30 in a matter of seconds.
The carnage continued today (Friday). Gold slipped to a five-week low on Friday, off roughly $72 an ounce over the week, marking the yellow metal's worst week since June.
The reasons why gold is going down today are partly related to some trading drama that occurred with gold yesterday...