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Gold Fell Below $1,250 in London, Silver Fell below $19.00

Posted by Chris Advincula on Jun 26, 2013 6:42:00 AM

June 26 Wednesday 10:45 GMT

LONDON – Gold fell by 30 dollars to a 34-month low of 1,224 from 1,254 in Europe on extended selling, after the high of 1,276 in the prior Asian session, making the range of a 52 dollar decline on the chart. The price of gold declined 23 percent this quarter as the dollar gained strength when the Fed Chairman Ben Bernanke announced last week that the Fed may slow its asset-purchase program this year if the economy continues to improve. The better than expected U.S. Durable goods and home sales from yesterday added to the picture of an improvement to the U.S. economy and demand for the dollar.

Gold started its decline of a bearish trend in April, and extended retreat from its all-time high of 1,921.15 in September 2011. Silver slid as much as 5.7 percent to 18.54 an ounce in London, the lowest since August 2010 and dropped to 18.405 from 19.62. (-$1.22) today. It is down 34 percent in this quarter.

 

Chris Advincula

WorldWideMarkets

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silver.6.26 resized 600

Charts: WorldWideMarkets Flash Trader

 

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