Gold takes a tumble amidst heavy futures selling


Gold took a tumble today finishing down $18 at $1335 and giving up yesterday’s gains and then some.  The downside came amidst heavy selling in futures markets most of the day. Please see this morning’s EARLY REPORT further down the page for a fuller account of today’s market action.   Before today’s sell-off, gold had closed higher for four days running. As a backdrop to today’s sell-off and profit-taking, markets seemed to be less concerned about tensions in the Middle East and the dispute with China over trade.

Quote of the Day
“Although there are countless scourges which in general debilitate kingdoms, principalities, and republics, the four most important (in my judgment) are dissension, [abnormal] mortality, barren soil, and debasement of the currency. The first three are so obvious that nobody is unaware of their existence. But the fourth, which concerns money, is taken into account by few persons and only the most perspicacious. For it undermines states, not by a single attack all at once, but gradually and in a certain covert manner.” – Copernicus

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