Fantastic news! Gold, Silver, Platinum and Palladium have had their prices slashed just in time for some last minute Christmas shopping. Remember the Wise Men gave Mary & Joesph - Gold, not some filthy polymer bank notes, to celebrate the birth of their son on the first Christmas day.
So this year, give the present that can't be broken, requires no batteries, has no need of an extended warranty and can be exchanged at any time in future without the receipt.
(MarketWatch) — Gold futures skidded nearly 5% Wednesday, sinking below the $1,600 level for the first time in nearly three months, as a drop in the euro signaled a new level of anxiety about the region’s debt crisis and investors sought cash as the safest asset.
The decline blew the yellow metal past some long-held technical levels, which then exacerbated the selloff. Silver futures, which often shadow gold’s moves, closed down 7%, copper lost nearly 5% and palladium sank almost 7%.
A combination of factors sent gold prices lower, with concerns over Europe at the forefront. But in contrast to long stretches of the past two years, investors have been choosing dollar-denominated cash over gold in recent weeks.
“It’s the never-ending European debt crisis still playing out, combined with some year-end profit-taking and a weakening of the euro,” said Jeff Wright, metals and mining analyst at Global Hunter Securities. “A number of funds are rotating into money-market funds in the U.S. It’s safe and they don’t have volatility,” he added.
Gold’s decline early in the session sent the contract below a 200-day moving average of around $1,619 an ounce, its first break below this level since January 2009. The drop deepened from there, pushing the contract below $1,600......read on
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