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July 21, 2015

GOLD PRICE CORRECTION

by oakley711

GOLD PRICE CORRECTION

GOLD PRICE Due a 50% CORRECTION in 2015.

Jim Rogers talks about the gold price correction.

A strong US dollar with all this talk of interest-rate hikes likely contributing to gold’s seeming change of purpose of late with the three-month downtrend intact.

A fall in global gold prices to eight-month lows this week failed to boost demand in top consumers China and India as would-be buyers anticipate further declines on the back of a strengthing US dollar.

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Arizona gold nugget

Gold hit its lowest level seen in 2015 so far.

Readers should note that the broad trend for gold has been downward since 2011 because of some rather massive market dynamics, namely the end of a so-called “supercycle” for commodities. So, around the 1990s through the financial crisis, prices of commodities like gold, copper and oil were surging on strong emerging-market demand and supply bottlenecks, and then the bottom fell out.

The price of gold surged in the years immediately after the 2008 financial crisis, peaking at nearly $1,900 an ounce in August 2011. So now in 2015 the precious metal is down more than 40% from its 2011 peak!

Barrick Gold Corp. tumbled to a 24-year low in Toronto, leading a rout among bullion miners, after a sell-off in the price of the metal. Barrick, the world’s biggest gold producer, dropped as much as 6.5 percent to C$11.19 in Toronto.

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