What’s Behind the Crash in the Gold Market?
One of the more interesting phenomena to take place in the markets in recent memory has been the seemingly invincible rise in the value of gold. In the decade between 2001 and 2011, the price of gold rose from $256 per ounce to a high of $1,920 — a whopping 650% return for those lucky enough to have timed the trade perfectly. But since 2011, the gold market has shown signs of weakness, culminating in a multi-day crash that began Thursday and continued into Monday. According to the Wall Street Journal: “Gold futures for April delivery fell $140.40, or 9.4%, Monday to a two-year low at $1,360.60 an ounce on the Comex division of the New York Mercantile Exchange. That extended their bear-market descent of more than 20% from their 2011 all-time high. Since Thursday, gold prices have declined by more than $203 an ounce, a record skid since the futures began trading in the U.S. in 1974.” So what’s behind the remarkable rise in the value of gold — and what changed in recent days that ...
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