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Re: Huge gold selloff today. 

By: Decomposed in ROUND | Recommend this post (1)
Wed, 29 Feb 12 9:00 PM | 36 view(s)
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Msg. 39302 of 45651
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Wow. The selloff takes gold to levels not seen for TWO WEEKS!

It's horrible.




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Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months


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The above is a reply to the following message:
Re: Huge gold selloff today.
By: Decomposed
in ROUND
Wed, 29 Feb 12 8:57 PM
Msg. 39301 of 45651

Feb. 29, 2012, 11:43 a.m. EST

Gold slumps over $70 on Bernanke comments

By Myra P. Saefong and Sarah Turner, MarketWatch

SAN FRANCISCO (MarketWatch) — Gold futures slumped on Wednesday, dropping more than $70 an ounce as comments from Federal Reserve Chairman Ben Bernanke fueled strength in the dollar, and as upbeat U.S. economic data dulled safe-haven demand for the metal.

Metals investors also digested news that the European Central Bank will offer a larger-than-expected amount of loans to the region’s banks.

Gold for April delivery fell $71.50, or 4%, to $1,716.90 an ounce on the Comex division of the New York Mercantile Exchange.

Looks like Bernanke is pushing the bond story here, thus money is flowing away from risk on his comments into Treasuries, hurting the precious metals and stocks,” said Richard Hastings, a macro strategist at Global Hunter Securities.


Full story: http://www.marketwatch.com/story/gold-futures-inch-higher-in-electronic-trade-2012-02-29


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