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28-Jun-2013
Gold Tumbles

GOLD DROPPED 2% ON THURSDAY, DUE TO MONTH-END BOOK SQUARING AND SELL OF BIG QUANTITY BY INSTITUTIONS. BULLION BROKE $ 1200, SUPPORT ALSO.

 

GOLD TUMBLED $ 200 (NEARLY 15%) IN JUST 10 DAYS. IN 2ND QUARTER OF THIS YEAR IT MAY DROP 25%. THIS IS THE BIGGEST DECLINE SINCE 1968. WHEN THE DECLINE IS SO SHARP, INSTITUTIONS GENERALLY SEE IT AS BUYING OPPORTUNITY. BUT INSTITUTIONS ARE SELLING YET INDICATING THAT THEY ARE WAITING FOR MORE DECLINE.

 

HOLDINGS OF THE SPDR GOLD TRUST DECLINED 16.23 TONNES OR 1.7% AND ITS STOCK IS LOWEST SINCE LAST 4 YEARS.

 
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