Gold prices have fallen for 6 days in a row taking the price down to $1243/oz and it now stands about $60/oz above the 2013 June lows. Silver prices suffered the same fate falling from $19.50/oz to $18.75/oz. The gold producers as represented by the Gold Bugs Index the HUI is down to 204 which is lower than the 2013 June lows. We can look to the summer doldrums or the ‘sell May and go away’ investors when we try to account for these falls but the truth is that this tiny sector has been suffering for a couple of years now.
Many have called the bottom for gold as being the 2013 June low of $1180/oz which is something that we were skeptical about and