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Gold’s Hangover from Hell
EuroMoney – July 2013
After its party in 2011, gold is suffering the mother of all hangovers. The price of gold peaked in August 2011 at $1,883 per ounce, a level some would call irrational exuberance, and even its admirers acknowledged was probably too expensive.
“The $1,800 level was not justified,” says Andrew Schneider, CEO of Global HFA, a hedge fund consultancy firm. “Every action has a reaction.”
By contrast, the price of gold fell to $1,255 per ounce at the beginning of the month, a level last seen in August 2010, amid slowing emerging market growth and speculation the Fed might ease its quantitative easing (QE) policy.
The full article is available here: EuroMoney
