Following the massive sell-off of gold in September, the price of the yellow metal has stabilized is headed for recovery after dropping from the record high of $1923.70 on September 6.
Articles Tagged "gold value"
This September, gold took part in a massive sell-off as investors moved to liquidate positions in the face of a deteriorating global economic picture. In the end, the metal lost 11 percent of its value.
William Rhind, Head of US Operations for ETF Securities described his perspective on relative gold price movements, “we are going to see a little bit more consolidation and stability around the gold price we saw a big move in the last few days over $100 as its moved up from its low in the $1500s.I think that right now we are looking for a little bit of stability.”
Although forecasting the price of gold has recently become an activity that has enjoyed as much consideration as the universal pastime of speculation for gasoline prices at the pump, recent global conferences have attracted some interesting participants in projecting future gold price targets.
After a record breaking price run in 2010, gold was one of the most watched commodities coming into 2011. Analysts were keen to make predictions as to whether the metal would continue its rally, or if prices would see a steep correction.
Forbes reported that despite a positive outlook for gold prices, a price correction was imminent.
Gold prices hit a record of $1,814.95 an ounce on Thursday but slipped as investors liquidated their long positions on the back of the CME Group’s announcement that it was raising margins on COMEX gold futures.
Once an exploration company has been awarded the proper permits for a parcel of land they are interested in prospecting, the work begins. After “staking the claim” the next phase is the life cycle of a mine is the exploration phase, which is also the longest and riskiest phase.
Bloomberg reports that Gold dropped for the second straight day.
Gold had a record-setting month in July, with prices scaling new peaks on multiple occasions due to the metal’s seemingly insatiable safe haven appeal.