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JNEW YORK, KOMPAS.com - The price of gold fell into the greatest decline during the last 18 months. Prices react immediately respond to financial market conditions began to stabilize. Optimism on risky assets are managed to erode the allure of precious metals as a safe haven.
As the AP released, the price of gold fell in trading Wednesday (24/08/2011) local time, due to the increasing confidence of investors on the global economy. Gold prices dropped 104 dollars or 5.6 percent at 1757.30 per ounce positions. This is the biggest percentage decline since March 2008. Although the overall price of gold for this year is still up 24 percent.
Earlier, the price of precious metals had a chance to penetrate the 1917 U.S. dollars per ounce, which is the highest achievement during the gold trade. Investors buy gold because of concerns about the weakening economy in the United States and Europe as well as the turmoil in financial markets since early August.
On 16 August, Wells Fargo & Co. had warned, the potential bubble can occur in the near future because of buying gold for some time been speculative. "This decrease is the final story of a very crowded trade before," said Adam Klopfenstein, senior market strategist at MF Global Holdings Ltd. in Chicago.According to him, in the short term, growing optimism in the stock market and it bodes bad for the price of gold.
Just a flashback, in the second quarter, the world's billionaire George Soros and Eric Mindich cut its holdings in the SPDR Gold Trust. While Paulson & Co. is managed by John Paulson to maintain its position in the gold market. "Meluncurnya price of gold is driven by market optimism that the Federal Reserve announced an immediate quantitative easing," said Patricia Mohr, commodities analyst with Scotia Capital.
According to him, what happened today is that investors are hard to guess what will happen. "In fact they were disappointed by the gold market," he said. (Dyah Megasari / Cash)
Sources: Share69
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As the AP released, the price of gold fell in trading Wednesday (24/08/2011) local time, due to the increasing confidence of investors on the global economy. Gold prices dropped 104 dollars or 5.6 percent at 1757.30 per ounce positions. This is the biggest percentage decline since March 2008. Although the overall price of gold for this year is still up 24 percent.
Earlier, the price of precious metals had a chance to penetrate the 1917 U.S. dollars per ounce, which is the highest achievement during the gold trade. Investors buy gold because of concerns about the weakening economy in the United States and Europe as well as the turmoil in financial markets since early August.
On 16 August, Wells Fargo & Co. had warned, the potential bubble can occur in the near future because of buying gold for some time been speculative. "This decrease is the final story of a very crowded trade before," said Adam Klopfenstein, senior market strategist at MF Global Holdings Ltd. in Chicago.According to him, in the short term, growing optimism in the stock market and it bodes bad for the price of gold.
Just a flashback, in the second quarter, the world's billionaire George Soros and Eric Mindich cut its holdings in the SPDR Gold Trust. While Paulson & Co. is managed by John Paulson to maintain its position in the gold market. "Meluncurnya price of gold is driven by market optimism that the Federal Reserve announced an immediate quantitative easing," said Patricia Mohr, commodities analyst with Scotia Capital.
According to him, what happened today is that investors are hard to guess what will happen. "In fact they were disappointed by the gold market," he said. (Dyah Megasari / Cash)
Sources: Share69
please give me comments thanks
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