CNNFN writes article about Gold price plummets to almost 6-year low:
By Heather Long @byHeatherLong
gold prices plunge
Here’s what people aren’t buying right now: Gold.
The yellow metal traded as low as $1,051.60 an ounce on Friday, the
cheapest price in nearly 6 years.
Gold prices haven’t been this depressed since February 2010 — before
the popular show “Downton Abbey” was even on television — when gold
fell under $1,045 an ounce.
This week marked the sixth straight week that gold has lost value.
Normally, investors run to buy gold when they are nervous, but that’s
not happening now. Recent events such as the stock market sell-off in
late August and the Paris terrorist attacks have not halted gold’s
fall.
“A fresh selling effort in gold today is due to several events coming
together,” wrote Geroge Gero of RBC Wealth Management. They include:
1. China’s economic and stock market slump. China’s main stock
market tanked on Friday after the government launched another
crackdown on the country’s largest stock brokers. China’s elite are
less likely to spend big on gold if the country’s market and economy
remain shaky.
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