Gold Posts Longest Slump in 13 Months; Silver Tumbles – Bloomberg 02-20-13

Salient to Investors:

James Dailey at TEAM Financial Asset Mgmt said the gold bugs have been obliterated because the perception about the global economy has changed, and people are moving to riskier assets.

Michael Gayed at Pension Partners said the implication is that the Fed is planning to step back – not good for gold as easy money won’t be available.

Vedant Mimani at Atyant Capital Mgmt said the data shows the economy is definitely improving, while many sellers came in after gold broke below the psychological $1,600 mark, along with concern about the end of stimulus.

Soros Fund Mgmt reduced its investment in the SPDR Gold Trust by 55 percent in Q4 2012 from Q3. Moore Capital Mgmt sold its entire stake and reduced holdings in the Sprott Physical Gold Trust.

Read the full article at http://www.bloomberg.com/news/2013-02-20/gold-trades-near-six-month-low-on-signs-of-economic-improvement.html

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