Tuesday, April 16, 2013

No one can call gold a safe haven ever again...

We have just witnessed the most horrific gold sell-off in 30 years.

And the gold bugs can say almost whatever they want about it. They can call it a correction or a conspiracy. They can blame it on deflation, or even Goldman Sachs.

But one thing they cannot say: gold is a safe haven.

"It's interesting, however, that gold prices are falling like a rock — or like a gold brick — at a time of heightened global uncertainty," said economist and gold agnostic Gary Shilling in an email to Business Insider on Monday. "Where is the safe haven appeal of gold? Is gold simply one more commodity falling with the herd?"

In just about three trading sessions, gold has plunged by over $200/oz.

"We've traded gold for nearly four decades and we've never… ever… ever… seen anything like what we've witnessed in the past two trading sessions," said Dennis Gartman in a note on Monday. Full story...

Related posts:
  1. Indian man spends $250,000 on a gold shirt!!!
  2. In booming India, all that glitters is gold...
  3. Next time you want to buy some gold, you might want to look at this first...
  4. Woman forced to throw away £2,000 gold necklace by Heathrow airport security...
  5. Swiss village strikes gold, but villagers not impressed, prefer peace and tranquility...

No comments:

Post a Comment