COMEX: Gold Down to $962.50
Gold is down approximately 2% in trading today, and reaching down toward $950. After having risen nearly a full hundred dollars in May, this weeks decline seems to indicate the market’s reluctance to see gold rise above the $1,000 barrier.
This end of the week’s decline comes as the result of larger funds taking advantage of the recent rise in gold values to thin out their inventories, and the recent change in the strength of the dollar.
However, with the rising concern over inflation hovering on the horizon, this price correction doesn’t seem to be anything other than in reaction to the short-term profit taking resulting from the recent steep incline in the price and the repositioning of portfolios which given the rise were seen to be overly heavy in precious metals.
