Gold Price Slumps UPDATE-Freefall
And the currency/black man in the white house panic bubble bursts. What will the crazy gold bugs say now?
Looks like just about everyone is into the sell off. ETF’s, nations, you name it.
Gold plunged to its lowest level in over two years Monday as a global sell-off in commodities gave new impetus to last week’s rout in the precious metal.
Monday’s broad decline was sparked by slowing growth in China. The world’s second biggest economy grew by 7.7% in the first quarter of the year, down from 7.9% in the fourth quarter of 2012.
The growth number was higher than the Chinese government’s target for 2013 but much weaker than the 8% most economists were expecting.
Other China data also raised doubts about the health of the global economy - industrial production slowed to 8.9% in March against economists’ forecasts for about 10%.
The weak China data could mean reduced demand for commodities from the world’s second biggest economy and subdued inflationary pressures. Gold is often viewed as a safe store of value when prices are rising.