Could there be a ray of light in sight for the goldbugs? Those with a bullish view on the metal have certainly had that faith challenged in recent months.
by Garry White and Emma Rowley, The Telegraph:
Gold posted its worst quarterly performance in more than a century for the three months to the end of July, analysts at Macquarie calculate. Specifically, the metal ended the second quarter of 2013 at $1,192 (£782) an ounce, its lowest since August 2010 and representing a fall of more than 25pc below its level at the start of the quarter.
The slide came as investors increasingly turned to equities, lured by the prospect of a yield and reassured by improving economic data to move away from the “safe haven” metal.
The price move downwards then accelerated as Ben Bernanke, the Federal Reserve chairman, last month set out a timetable for unwinding the US central bank’s vast quantitative-easing (QE) programme — making gold less attractive as an inflation hedge.
Please follow SGT Report on Twitter & help share the message.