Has gold bullion lost its compass?

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Thu, Oct 16, 2008
Gold Market News
Post by Melissa Pistilli, Gold Senior Reporter

Mineweb(Editorial) reports gold has lost about 5%, lowest in this month with fears of global markets unstability.

On Thursday, the dollar gold bullion price lost USD 40 an ounce, within minutes, shortly after trade started up in the Americas. The price plunged through the USD 800 an ounce level, before bouncing up a bit, and then fell again, for losses of more than USD 50 on the day. Looking at headlines over many months, gold bulls outnumber bears by at least 10 to one, but bullion has persistently declined Tsunamis of encouragement in the form of endless calls to move once again above USD 1,000 an ounce.

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