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« If Gold Rises a Little, Gold Stocks Could Go Up a Lot – Steve Todoruk | Main | Is Silver the Cure for Silver Prices? »
Thursday
Jun262014

Gold Prices Fall on Worries About China Loan Deals

Declines Tempered by Signs That Inflation Picking Up in U.S.

Gold futures ended lower on Thursday as investors weighed news of potentially illegal gold-backed loans in China and signs that inflation was picking up in the U.S.

The most actively traded contract, gold for August delivery, fell $5.60, or 0.4%, to settle at $1,317.00 a troy ounce on the Comex division of the New York Mercantile Exchange.

Chinese officials uncovered 94.4 billion yuan ($15.2 billion) of loans tied to potentially illegal gold financing deals leading back to 2012. China's National Audit Office said in a report that a check among 25 gold processors found a large volume of improper gold-backed loans designed to profit from interest-rate and foreign-exchange differences. The office didn't disclose who was involved in the loans, how they were structured or what made them improper.


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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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