Gold dumped as debt worries mount

Michael Allan McCrae | November 16, 2012 | 4:16 pm Precious Metals Europe Gold Silver 

Gold is flirting with the $1,690 level as investors clamour for cash worried about the fiscal cliff, about the euro and about trouble in Israel.

“Gold is being seen increasingly as a source of cash,” said the head of precious metals at bullion bank Scotia Mocatta, Simon Weeks, in a post on Market Oracle.

“Liquidation of gold can cover losses elsewhere.”

Since the start of the week gold has lost 1.28% or $22.20. Silver is off 0.80% to $32.32.

And while gold is sliding the US dollar is up, gaining 1.56% against the Canadian dollar since the start of the week.

Today debt talks in the US get underway between congressional leaders and the Obama administration.

Palestinian rocket squads are firing on Israel after the assassination of Hamas’ military chief.

 

 

 

 

 

 

Mining.com Recommends

Rusal to cut aluminum output by 6%

Rusal said disruption to bauxite supplies from Guinea and Brazil and output suspensions in Australia contributed to a surge in alumina prices.
Reuters | November 25, 2024 | 7:03 am

Mining’s old guard needs strong medicine

A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Frik Els | November 22, 2024 | 3:29 pm

Comments

  • David R. (Canada)

    What has the last line of this article to do with the article?
    And it’s the wrong way around!
    The Hamas military leader was killed because Hamas was firing rockets into Israel.

    • More News