Gold Sinks Below $1,300 to Hit 2½-Year Low

**ginofrater** · 06-20-2013, 11:36 AM

Gold Sinks Below $1,300 to Hit 2½-Year Low
By Rob Bates, Senior Editor
Posted on June 20, 2013

After the most recent trading session, $1,200 gold doesn’t seem too far off anymore.

On June 20, gold's price per ounce sank below the $1,300 benchmark, at one point hitting $1,287, its lowest level since September 2010. At press time, it was trading at $1,293, down $74 from its opening price.

Analysts attributed the current sharp drop, which came on the heels of two days of dramatic declines in April, to reaction to the Federal Reserve Board’s comments Wednesday on ending the era of “easy money” as wellas to a general loss of faith in gold’s investment potential.

Silver also had a bad day. At press time, it was trading at $19.81 an ounce, down $1.86 for the day, and also its lowest level since September 2010.

The number of analysts souring on gold has risen since April’s downturn, with some predicting the yellow metal could sink to $1,200 an ounce—or to even $1,100.

So far, gold is down 15 percent for the year, according to goldprice.org.

"""What is your opinion, it will keep on going Down or there is a light in the end of the tunnel?"""

**41haikuwarriors** · 06-20-2013, 11:55 AM

My true (extremely selfish) hope is that it continues to go down.

In my line of work low gold usually means stronger economy which means stronger oil and gas industry which means lots of bonuses and overtime for me. When oil and gas is strong I make $75k annually. When it's slow I make $35-$40. Again I love scrapping computers and what not but I don't make an additional $30k per year doing so. I don't wish hardship on the folks who do this full time. I know that everyone is going to take a huge loss if it continues to go down. I hope, for their sake, it levels itself out soon, but in no way do I want inflation, slow economy, bail outs, along with $1800 gold. Would be nice if we could have our cake and eat it too, doesn't seem to ever work out though.