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After Friday's rally, gold is still 23 percent lower for the second quarter, its biggest decline since at least 1968, Reuters data shows.
Thursday's slide to below $1,200 an ounce for the first time in three years has prompted nervous investors to buy put options to hedge against further losses.
U.S. gold futures for August settled up $12.10 at $1,223.70 an ounce, with trading volume at around 310,000 lots, nearly 50 percent its 30-day average, preliminary Reuters data showed.
Among other precious metals, silver rose 5.9 percent to $19.53, rebounding sharply from a near three-year low at $18.19 an ounce. Platinum rose 1.7 percent to $1,335.49, while palladium also gained 1.7 percent to $655.85.
Originally posted by Bob Sholtz
reply to post by Wrabbit2000
10-15 years ago was the time to buy gold. those who did invest in gold at that time are all selling.
you buy low and sell high, not the other way around.
Unofficially, gold is still the standard. It's why the Feds want to know who is buying what and how much. All transactions are reported to the Fed. In a financial meltdown, do you want a wheelbarrow full of greenbacks or gold? I know which I'd pick.
Originally posted by ANNED
the only people that are complaining are those that got stuck holding gold as its dropping or the suckers that fell for the buy gold now scam at the peak.
Gold fell to its lowest level since 2010 on Friday to under $1,200, which is what it costs many miners to produce an ounce of gold, and analysts tell CNBC that miners will be "severely" impacted if prices stay here.
Andrew Su, CEO at brokerage Compass Global Markets said the average cost of producing gold in Australia, home to some of the world's biggest gold miners, has jumped from $500 an ounce in 2007 to over $1,000 an ounce this year.