by Przemyslaw Radomski, Gold Seek:
Without a doubt, this was a week of strong declines for the yellow metal. What could we read in newspapers and see on TV? The big banks were falling over each other in their scramble to get on the bear bandwagon.
Everybody is talking about the price of gold and wondering where the bottom is. In early Asian trade gold fell under $1,200 to its lowest level since 2010. This is down more than $200 an ounce since the beginning of last week and probably the yellow metal is on track to post its worst quarter since at least 1968.
“It’s a long term bear market. If you bought into it today, don’t expect it’s going to do much. And if you own some and get a rally, get rid of it,” said Dennis Gartman, editor of The Gartman Letter, a daily commentary on financial markets.
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