Gold’s Death Cross is a Buy Signal for China
by Ambrose Evans-Pritchard
Telegraph.co.uk
It is a treacherous moment for gold bugs.
The first whiff of future tightening from the US Federal Reserve has sent bullion into a nose-dive, triggering a much-feared “Death’s Cross” sell signal on gold futures.
Gold has dropped by over $100 an ounce in ten days, touching $1556 this morning. The HUI index of gold mining stocks broke down weeks ago – as so often leading gold itself by a few weeks – and has already crashed to levels last seen in 2009.
Goldman Sachs has cut its long-term forecast to $1,200. Credit Suisse and UBS are bearish.
Continue Reading at Blogs.Telegraph.co.uk…
2013-02-22 07:53:42
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