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« Why ECB QE Is Bearish For Gold Prices | Main | Goldcorp Inc CEO says gold price plunge to $900 would be an opportunity, not a disaster »
Wednesday
Sep102014

Precious Metals Record Losses as Dollar Rises

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 silverplatinum 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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Reader Comments (1)

Hello gold bugs

Forget the US dollar Watch the €1000 Level for gold a follow-on buying will occur when that level has been breached. Gold is currently at €960/oz.

Sincerely, Lars

September 12, 2014 | Unregistered CommenterLars

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