Gold down today picking up where it left off Friday

Gold was down today picking up where it left off Friday by giving up another $5.14 and finishing the day at $1270.86.  Silver finished off 15¢ at $16.67. Most of the downside occurred in the Asian market and simultaneously (again) with depreciation in the Japanese yen against the dollar.  Gold and silver both leveled out in U.S. trading. Gold and silver are down marginally in overnight trading. Generally speaking, most of the downside in gold the past few weeks is related to speculation about who might end up chairing the Fed and future interest rate policy.  An announcement on the next Fed chair is due before the end of the week.

Quote of the Day
“A financial strategist at a major investment bank in Europe recently told me he keeps two-thirds of his personal investment portfolio in a global stock portfolio and the remaining third in gold bullion. He’s not a crazy, far-right conspiracy nut or classic gold bug either. So why all the gold? ‘Political risk,’ he says. ‘It’s my insurance against the world’s governments or central banks screwing things up.'” – Brett Arends, MarketWatch

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