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Gold Slides To New Lows For The Yearby Peter A. Grant
Apr 03, AM 
Gold remains defensive as the market already seems to be putting the Cyprus debacle behind it. There is a general sense that the eurozone has dodged another bullet, and so risk appetite is back on the rise.With U.S. stocks in particular setting record highs, equities have been attracting capital at the expense of safe-havens and commodities. Credit Suisse today lowered their price targets for most commodities on expectations of both weaker demand and higher supplies. Just about every commodity fund has a gold component, so the shift from commodities to stocks is also contributing to pressure on the yellow metal. The white metals have been under heavier pressure. Platinum fell back below the price of gold in February, an historically unusual event. Silver dropped to an eight-month low below $27 today. The gold/silver ratio has tested above 58 for the first time since August of last year, indicative of silver's relative weakness. Interestingly, stocks are rallying largely on expectations of diminished growth risks and glimmers of a true recovery in some of the data. However, more robust growth and employment would tend to result in heightened demand for commodities. There seems to be a bit of a disconnect, which may be as good a reason as any to not shed your safe-havens. NEWSLETTER SIGN-UP Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here. |
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