I predict no comments from the republicans. libertarians, capitalists, free marketers, consevatives., gold bugs... 
source: Forbes
In April, billionaire investor George Soros declared that gold had been destroyed as a safe haven and the smart money was getting out, but not even the great macro-trading guru predicted what has happened since.
Gold plunged on Thursday by more than 4% to $1,295 an ounce, breaking through the $1,300 mark, after Federal Reserve Chairman Ben Bernanke indicated that the central bank might soon be taking its foot off the gas and slowing its big bond buying program down.
As recently as October gold was trading for $1,790 an ounce and the yellow metal hit a high in 2011 of more than $1,900. Gold has not traded at these levels since September of 2010.
Shares of gold mining companies were absolutely crushed in early morning Thursday trading in New York as the plummeting gold price continued to put in question the economics of various gold mining projects. The cost of mining gold keeps going up while the price of the final product continues to tumble.
Big gold mining companies were hit hard, with Barrick Gold Barrick Gold’s stock falling by 6%, marking a 50% plunge for the year. Kinross Gold Kinross Gold shares slid by nearly 7% and Goldcorp Goldcorp stock also fell by more than 5%. The Market Vectors Gold Miners ETF dropped by 5%.
The collapse in gold prices has hit some of the most high profile investors in the world. Billionaire John Paulson’s gold hedge fund has been slammed this year. Bloomberg News reported on Wednesday that gold-related investments had hurt returns at billionaire Ray Dalio’s Bridgewater Associates main hedge fund, which is the biggest hedge fund in the world.
source: Forbes
In April, billionaire investor George Soros declared that gold had been destroyed as a safe haven and the smart money was getting out, but not even the great macro-trading guru predicted what has happened since.
Gold plunged on Thursday by more than 4% to $1,295 an ounce, breaking through the $1,300 mark, after Federal Reserve Chairman Ben Bernanke indicated that the central bank might soon be taking its foot off the gas and slowing its big bond buying program down.
As recently as October gold was trading for $1,790 an ounce and the yellow metal hit a high in 2011 of more than $1,900. Gold has not traded at these levels since September of 2010.
Shares of gold mining companies were absolutely crushed in early morning Thursday trading in New York as the plummeting gold price continued to put in question the economics of various gold mining projects. The cost of mining gold keeps going up while the price of the final product continues to tumble.
Big gold mining companies were hit hard, with Barrick Gold Barrick Gold’s stock falling by 6%, marking a 50% plunge for the year. Kinross Gold Kinross Gold shares slid by nearly 7% and Goldcorp Goldcorp stock also fell by more than 5%. The Market Vectors Gold Miners ETF dropped by 5%.
The collapse in gold prices has hit some of the most high profile investors in the world. Billionaire John Paulson’s gold hedge fund has been slammed this year. Bloomberg News reported on Wednesday that gold-related investments had hurt returns at billionaire Ray Dalio’s Bridgewater Associates main hedge fund, which is the biggest hedge fund in the world.
