Gold in FREE FALL; Hedge Fund Liquidation Rumors Rampant
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Don't look now, but Gold is in absolute free fall.
The precious metal last traded down an astonishing $82.50 to $1659 per ounce. Just weeks ago the precious metal was closing in on $2000 per ounce.
One reason being cited is that "operation twist" from the Fed won't expand the balance sheet rapidly. Also, hedge fund liquidation rumors are abound. For one, John Paulson's Paulson & Co hedge fund is a large holder of gold and banter on the Street suggests he could be selling.
The gold ETF SPDR Gold Shares (NYSE: GLD) is down 4.6 percent and down 13 percent from its recent all-time high.
Silver is performing even worse. ETF iShares Silver Trust (NYSE: SLV) is down 9 percent.
Contrary to logic that central banks will continue to print like crazy, the word on the Street is that the gold trade is DEAD.
UPDATE: Just after 1PM ET, gold is now down over $100 per ounce.
The precious metal last traded down an astonishing $82.50 to $1659 per ounce. Just weeks ago the precious metal was closing in on $2000 per ounce.
One reason being cited is that "operation twist" from the Fed won't expand the balance sheet rapidly. Also, hedge fund liquidation rumors are abound. For one, John Paulson's Paulson & Co hedge fund is a large holder of gold and banter on the Street suggests he could be selling.
The gold ETF SPDR Gold Shares (NYSE: GLD) is down 4.6 percent and down 13 percent from its recent all-time high.
Silver is performing even worse. ETF iShares Silver Trust (NYSE: SLV) is down 9 percent.
Contrary to logic that central banks will continue to print like crazy, the word on the Street is that the gold trade is DEAD.
UPDATE: Just after 1PM ET, gold is now down over $100 per ounce.
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