The US dollar is going strong, but as many gold bugs know, that isn’t great news for the gold price.
The yellow metal dropped below the $1,250-per-ounce mark today, with silver, platinum andpalladium all following the downward trend.According to Reuters, it was the US dollar climbing to a 14-month high that put pressure on those commodities.
Spot gold reached a three-month low of $1,247.15 before edging back up to $1,249.34 midway through the afternoon. On the COMEX, futures for delivery in December sank $5.80, to $1,248.50. As Bloomberg reported, gold has lost approximately 5.6 percent so far this quarter, and Q3 could ultimately bring the metal’s first quarterly loss for 2014.
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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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