Economy

Demeter

(85,373 posts)

24. Has gold lost its Midas touch for good?

Fri Dec 7, 2012, 09:25 AM

Dec 2012

http://www.marketwatch.com/story/has-gold-lost-its-midas-touch-for-good-2012-12-07?siteid=YAHOOB

Gold was a quiet winner before its big sell-off this week.

The yellow metal had worked its way up from around $1,560 an ounce back in July to almost $1,800 in October. Just last week it changed hands at $1,750. But then came waves of selling, which drove the price below $1,690 by Thursday morning, still slightly above support levels. But gold has gone nowhere in more than a year. It peaked near $1,900 in September 2011 and hasn’t come within $100 of that since. It fell as low as $1,540 in May. Though it’s still up around 8% in 2012, this year’s rally is looking pretty shaky.

And U.S. stocks, which so many investors still hate, have wiped the floor with gold. Since Sept. 22, 2011, when stocks and gold began to decouple, the Standard & Poor’s 500 index has risen 25% while SPDR Gold Shares has lost 3%...MORE

IT'S (UNINTENTIONALLY?) FUNNY

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