Gold prices drops as Goldman cuts forecasts
Monday, June 24, 2013 at 10:12PM
Gold Prices

LONDON: Gold declined toward a 2 1/2-year low in New York as prospects that theUS Federal Reserve will reduce monetary stimulus curbed demand for a protection of wealth. Silver also declined. 

Gold for August delivery fell 0.7% to $1,283.40 an ounce by 7:57 am on the Comex in New York on Monday. Prices slipped 6.9% last week. 

Futures trading volume was 5% above the average in the past 100 days for this time of day, according to data compiled by Bloomberg. Gold for immediate delivery in London dropped 1% to $1,283.91. 

Gold fell to $1,268.70 an ounce on June 21, the lowest since September 2010, after Fed Chairman Ben S Bernanke said the central bank, which buys $85 billion of Treasury and mortgage debt a month, may trim stimulus this year and end the program in 2014 should the economy continue to improve. Goldman Sachs lowered its year-end forecasts through 2014. 

To raed more please click here.

With gold, silver and Uranium stocks being out of favor one must decide if this is a problem or an opportunity. We have steadfastly refused to buy gold and silver mining stocks for the last two years and as evidenced by the HUI we feel that our decision to hold back has been vindicated. The damage done to the mining sector may not be over yet but this demise is starting to offer up some exciting opportunities in my view.

 

Great care will be needed in the selection process in order to generate a reasonable profit and that’s where our new venture begins. ‘Stock Trader’ has begun trading on behalf of ourselves and our much valued subscribers, all exciting stuff which we are really looking forward to, if you wish to join us then please subscribe below;

Subscribe for 12 months with recurring billing - $199

Buy 12 months of subscription time - $199

Don’t forget if you are new to investment in the precious metals sector then you can subscribe of our FREE newsletters regarding gold stockssilver stocks and uranium stocks, just click on the links and enter your email address and we will email you our articles along with other interesting posts.

Please remember to check your spam folder once you have subscribed to ensure that your verification has not gone astray and you are getting our emails.

Article originally appeared on Gold Prices (http://www.gold-prices.biz/).
See website for complete article licensing information.