Gold’s Rock Bottom
Gold has suffered its’ longest run of losses since 1997 as it heads into its fifth month of declines. Investors have reduced holdings by over 100 metric tons. The February 21 price of $1,555.55 was the lowest price since July and assets in bullion-backed exchange traded products slumped to a five-month low of 2,508.53 tons yesterday and are poised to drop 4 percent this month, the biggest drop since April 2008. Global holdings (volume) have dropped by 103.7 tons in February, five times more than the net sales in January. So, what is one to expect from the commodity sector post-2012?
With gold hitting what seems to be a rock bottom for the better part of the last twenty years, there is little reason to suspect that the quantitative easing will keep precious metals down. What comes up must go down, as we have seen plenty of times before. But, also, what goes down….must come up.
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