Friday, June 21, 2013
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Looks like the Fed announcement of "maybe tapering QE" has sent shockwaves throughout the market. Gold and silver have gotten absolutely smashed once again while the United States Dollar (USD) has been rallying. What could possibly be next for the precious metals? Will silver go to $15 and gold to $1,000? Have the fundamentals changed? It's started to look like it.
Gold Hammered To 33-Month Low, Next Stop, $1,000?
Gold prices got hammered on Thursday, sinking to $1,283 per troy ounce by 9.45pm UAE time, having come under massive seling pressure amid a bearish global sentiment. Precious metal bulls got mauled badly today as gold tanked by as much as 6 per cent, or $81 per troy ounce during the session.
The yellow metal is now down by $409 an ounce, or over 24 per cent, since hitting a 2013 high of $1,692/oz on January 22. This means that investors that bought into the precious metal in January this year have lost almost a quarter of their capital, with analysts expecting further agony for the gold bull in the days to come.
Gold Tumbles to Almost 3 Year Low in Fed Bloodbath
Gold and silver futures closed at their lowest levels in more than 2 ½ years Thursday, a day after Federal Reserve Chairman Ben Bernanke said the central bank could move as early as this year to slow the flow of monetary stimulus to the economy.
Although Bernanke emphasized that the Fed's moves would be dictated by economic data, "there seems to be a pretty broad expectation that [quantitative easing] is coming to an end in the next year or so," said Peter A. Grant, chief market analyst at USAGOLD.
Find more price forecasts by Jim Rogers, Peter Schiff, Marc Faber, Max Keiser, Gerald Celente, Lindsey Williams, David Morgan, Chris Duane, BrotherJohnF, Bill Murphy, Gregory Mannarino, Ron Hera, Andy Hoffman, John James, Rickards Turk, Bix Weir, Eric Sprott