Not too long ago, gold was making all-time highs as investors poured into the yellow metal seeking safety. That is old news: the gold trade has completely broken down since last September, with bullion now down more than 30% since then, and possibly making its way down to $1,000 an ounce if it breaks through key levels of resistance that are fast approaching. Initially fueled by a rotation into stocks, and currently exacerbated by fears that the Bernanke Fed may taper QE sooner than expected, the recent rout in gold doesn’t seem set to stop any time soon.
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