Dave Brown has worked for over a decade in the capital markets and wealth management industries. Having spent over seven years working within the Portfolio Management division of the largest privately owned mutual fund company in Canada he was most recently occupied in a more intimate sized high net worth boutique located in Toronto. Dave’s open and closed ended trust fund mandates and structured product offerings have included both international and domestic equities and he has been writing on mining investment opportunities for Resource Investing News since 2008. He received his formal training in both geography and education from Brock University. As an active community member, Dave has volunteered and been active for 12 years in various committees serving a number of roles with Family and Children’s Society and also as treasurer and newsletter editor for a local chapter of UNICEF.
Although gold prices have declined in most currencies during the second quarter partially due to a strong US dollar, exceptions to this trend include the euro, Swiss franc and Indian rupee.
Gold prices dropped on Thursday due to a discounted interest rate cut from the European Central Bank and the expectation that disappointing economic data out of the United States will follow at the end of the week.
Gold prices contracted for the biggest one-day decline this month after the Federal Reserve failed to commit to more aggressive monetary stimulus. Prices declined about 3.4 percent over the week, with spot market gold prices trading in the range of $1,566.60 per troy ounce.
Gold prices surged about 2 percent during the week as an increase in Spanish borrowing costs and uncertainty ahead of this weekend’s Greek elections combined with weak US data.
Following an important interest rate decision in China and a more recent monetary policy signal from the United States, gold prices dropped lower overall.
Gold’s price decline has generally moving in the opposite direction of the dollar as the Eurozone continues to attract significant concern and interest in US government debt increases. Spot market gold prices traded today in the range of $1,578.10 per troy ounce for a decline of approximately one percent on the week.
