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Gold prices on track for worst week since late February
EXCERPT:
Friday but remained on track for their worst week since late February as strong equities lured investors seeking better returns, while outflows from exchange-traded funds underlined the shaky outlook for bullion.
Escalating tensions on the Korean peninsula have done little to stir safe-haven buying, though Gold could regain some of its lustre if the latest US earnings season disappoints.
Gold was steady at $1,560.84 an ounce by 0628 GMT, heading for a more than 1-percent decline this week, its third such drop in a row.
The metal has slipped around 7 percent so far this year, after rising for the last 12 years, lagging gains of more than 11 percent in the S&P 500 index.
“US equities have continued to defy gravity,” said CIMB regional economist Song Seng Wun, adding that the market had also shrugged off the threat of conflict with North Korea.
“Normally, given rising tensions, there will be flight to safety and gold will benefit. But I suppose at this point, while we are mindful of the increased risk, nobody really believes that the North Koreans will actually carry through on their threats.”
A US government agency has said North Korea has a nuclear weapon it can mount on a missile, adding an ominous dimension to threats of war by Pyongyang, but the assessment was swiftly dismissed by several US officials and South Korea.
Setting geopolitical tensions aside, wary investors cut exposure to gold, with total holdings at the world’s major bullion ETF falling to their lowest since early 2012.
US gold for June delivery was $1,560.90 an ounce, down $4.00.
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Who cares about phony paper trading, Gold should be held for the value it will have during times of financial/economic chaos which will eventually happen with the collapse of the global socialist entitlement state.
I hope they take gold to under a $1000 officially but what would realistically happen is "premiums" would skyrocket
..(they cant control demand!)...$1000 gold would have at least a $200-$300 “premium” for anybody to actually sell an oz.
My uneducated advise.....If gold goes down...BUY CHEAP INSURANCE!!!...LOTS OF IT...BE INSURANCE POOR!
Look at it this way....If u could buy $100k life insurance for a dollar...How much would u buy???
“But now, with the economy recovering slowly”
STOPPED READING THERE.