| Date: |
02-07-2010 |
| Subject: |
Gold prices tumble nearly 4%: July 1, 2010 |
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The spot price of gold bullion slid more than $42 to end the day below $1200 an ounce, the lowest price since February, according to The United States Gold Bureau.
The drop seems to have been caused by a major sell-off of oil, copper and many stocks. As the dollar reached a new low for the year against the Chinese yen, investors took profits from their stockpiled gold, which had seen a major run-up in recent months.
Long-term investors are celebrating the dip, as it offers an opportunity to buy at a price that they see is priced lower than it should be, essentially creating a "sale" on gold.
Experts also recommend that investors interested in getting in on the precious metals boom should consider moving assets into certified rare coins, rather than bullion, since the value of certified gold is not tied to the fluctuating price of spot gold.
Source : Examiner
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