Gold is still in trouble as it continues to fall. This morning gold prices are down $12.61 to $1,413.60 an ounce sparking investors to worry that the downward trend will continue.
This hasn’t been gold’s month or really even its year. Just one month ago prices of gold tumbled to under $1,400 an ounce, a two-year low that sent analysts, investors, and miners scrambling to fix this problem, if it was even fixable.
Now thanks to a strong U.S. dollar and the continual weakened economy in the US and overseas, gold prices are suffering. Analysts from Goldman Sachs even go as far as to say, “We expect that gold prices will continue to decline, should our economists’ forecast for a reacceleration in U.S. growth later this year prove correct.”
This wasn’t a great morning for mining stocks either both ETFS and otherwise. Everyone saw their stocks drop except Novagold Resources Inc. New which saw a change of 0.42% and Physical Asian Gold which increased 0.19% despite India’s stricter regulations of the precious metal.
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