INVESTORS SELLING OFF GOLD AT YEAR END; CHINA’S ECONOMY UPBEAT
Gold has dropped as analysts are under the assumption there was a large fund account that was traded to short the market during Asian trading hours. Gold has experienced an 8 percent year-to-date gain, and as the end of the year approaches, many investors are taking new positions, which is affecting the price for the yellow metal. “November failed to develop the kind of upside momentum that would keep bulls interested and would reassure heavy long players that they are right,” CIO Adam Grimes of Waverly Advisors said. “Today's downswing could be the beginning of a much more serious selloff.”
China understands what needs to be done to see growth and stability in their future. Chinese Communist Party chief Xi Jinping said, “We will keep continuity and stability of macro-economy policies, prioritizing on making policies more targeted and effective while fine-tuning policies when appropriate. China will make more efforts on expanding domestic demand and fostering new consumption growth areas.” The nation’s annual economic growth dropped in the third quarter, leading China to its lowest point since 1999. Since then the economy has been more upbeat as new leadership is showing progress.
At 1:15 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,694.10, Down $27.00.
- Silver, $32.79, Down $0.95.
- Platinum, $1,583.90, Down $30.90.
- Palladium, $682.50, Down $8.80.
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