We noted here that the plunge in the paper price of gold (and silver) had prompted considerable renewed demand for physical and now it seems the scramble among the "more stable investor base" is increasing.
When the US economy underperforms expectations, the weather is blamed; and now, on the heels of Japan's pre-emptive blaming of weather for crushed consumer spending patterns; The FT proclaims that El Nino is responsible for the weakness in gold (as monsoon seas
Canadian drivers are getting extra spending power as fuel pump prices drop near $1 a litre for the first time in about four years even as lower oil threatens the fifth-largest crude-producing country’s economic recovery.
Last week, while tensions ramped up in the Middle East (and despite the Russia-Syria-U.S. ballet of oddball diplomacy, tensions remain high), the price of gold plummeted.
Week over week, the price of gold is off nearly 5% — or about $50 an ounce. Much of that downward action happened in one day, too.
What happened? Let’s have a look at that, and more!
The list of finalists in the running for “worst performing asset of the year” is topped by gold, silver and the companies that mine them.
No, 2013 was not kind to precious metals. Gold’s down more than 26%. Miners are off by more than 52%. It’s a bloodbath, to say the least…
However, not all precious metals have both feet in the gutter. In fact, there’s one metal we’ve been tracking that looks like it is setting up for a strong 2014.