Blood In The Streets Of Gold Market

Blood In The Streets Of Gold Market. Repeat Of 1970s Bull Market?

Today’s AM fix was USD 1,203.25, EUR 921.89 and GBP 789.33 per ounce.
Yesterday’s AM fix was USD 1,232.00, EUR 945.51 and GBP 806.07 per ounce.

Gold fell $25.00 or 2.04% yesterday and closed at $1,199.10/oz. Silver finished the day with a slight loss of 0.11% at $18.50/oz.

Gold has inched up this morning after it dropped under $1,200/oz yesterday, which triggered stop loss selling and additional pressure from funds quarter end selling. Although bargain physical buyers in the Middle East and Asia continue to scoop up gold, it has not been enough as of yet to put a floor under prices.
GoldCore Market Performance Table

Very little has changed regarding the positive supply demand dynamics of the gold market and much of the recent weakness is due to panic liquidations by speculators, technical trading and momentum.

The 25% price fall this quarter appears to be the biggest price fall ever.

There is blood on the streets of the gold market with many speculators having been badly burnt. The smart money such as Einhorn, Paulson and Bass have not liquidated and have maintained their positions. Indeed, we expect that big money internationally will be licking their lips at the prospects at accumulating gold at these price levels.

As per the unfortunate words of Rothschild - "the time to buy is when there is blood in the streets."
Gold in USD, Monthly from 1970s – (GoldCore)
Gold in USD, Monthly from 1970s – (GoldCore)

Bloomberg Poll: Gold And Silver To Rise 25% And 43% By Year End
Russia Launches Ruble Gold Exchange
Gold Rush In Laos
Blood In Streets Of Gold Market But 1970s Bull Market To Repeat

Sentiment is as bad as we have seen it in the gold market – worse than after the 30% fall in 2008.
However we remain confident that the recent price falls are just a mini bear market within a larger secular gold bull market that will propel prices much higher in the coming months and years.

News From Around The World

EU Savers To Bear Losses As Cyprus Bail-in Becomes Blue-print The Telegraph
Hold Gold In Way That Governments & Banks Can’t Seize It GoldSeek
Citi: Are Gold And Silver Finding A Bottom? Zero Hedge

"Has Gold's 'Bubble' Burst Or Is This Another Buying Opportunity?"
Are you concerned about the sharp fall in gold and silver prices in 2013? Are you unsure as to the outlook for the precious metals and to whether you should be selling or buying?

If so, don't miss this opportunity to join us for a webinar on Tuesday, July 2nd at 1300 GMT. We will look at the performance so far in 2013 and the outlook for the second half of the year and more importantly for the coming years.

Join Mark O'Byrne, Head of Research and Founder at GoldCore.

In this 45-minute webinar, discover:Mark_OByrne,_Executive_Director,_GoldCore_039

Where We Are Now In The Market Cycle
The Outlook for Gold and Silver This Year And Coming Years
Learning From The 1970s Bull Market and the 1975/76 Price Collapse
The Safest Way To Own Gold and Silver
Knowing When To Reduce Allocations Or Sell

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