Time for a bounce. This would be an excellent time to buy.
Gold falls 2 percent, breaches support on Greece fears
By Frank Tang and Jan Harvey
NEW YORK/LONDON | Tue Mar 6, 2012 3:53pm EST
NEW YORK/LONDON (Reuters) - Gold fell 2 percent in heavy volume on Tuesday, breaching technical support as investors worried more about a possible Greek default, but some analysts said the metal looked oversold and was poised for a rebound.
Silver fell 3.5 percent, and platinum and palladium posted their largest daily declines this year, as investors grew more cautious about the global economic outlook a day after China cut its growth forecast and data showed the European Union was not likely to avoid a recession.
Bullion broke below its 200-day moving average for the first time since mid-January, tracking U.S. equities' slide on worries Greece could miss a deadline to complete a bond swap that is part of a bailout and restructuring deal to avert a default.
More: http://www.reuters.com/article/2012/03/06/us-markets-precious-idUSTRE82403220120306
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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