Gold had been taking it on the chin in recent days as global growth fears had everyone running out of assets. Global growth concerns have been weighing heavily on gold as people look to move out of assets. Without an uptick tomorrow, gold is heading for its fourth week of consecutive losses.
Weighing on market sentiment, the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said that its holdings dropped over .5% to just over 1.2 tonnes.
Definitely been a hard few months for the gold bulls, but they may find solace in the Chinese slowdown. Plus Europe is still Europe. Add in an election year with tax implications. Still might make a bull out of this yet. [Read more...]