Jan. 21 2011 | The price of gold is among the worst asset classes of the new year, says Doug Kass, Seabreeze Partners Management.
Friday, January 21, 2011
Gold Heads for Three Week Loss
Gold fell Friday as it looks to be headed toward its third straight weekly loss on speculation that interest rates will rise with an economic recovery. Likewise, silver also fell to its seven-week low.
The appeal of the precious metal so far in the new year is dull after a strong performance in 2010 when it outperformed both stocks and bonds, gaining 30% in 2010.
Tom Pawlicki, a MF Global analyst, said, "Higher interest rates take away the bullish argument that low opportunity costs are supportive for gold."
Gold futures for February delivery fell $3.80, or 0.3%, to $1,342.70 an ounce Friday morning on the Comex in New York. It is down 1.3% for the week, after losing 4.3% in the prior two weeks. Earlier today, its price fell to $1,337, its lowest level since November 18.
The appeal of the precious metal so far in the new year is dull after a strong performance in 2010 when it outperformed both stocks and bonds, gaining 30% in 2010.
Tom Pawlicki, a MF Global analyst, said, "Higher interest rates take away the bullish argument that low opportunity costs are supportive for gold."
Gold futures for February delivery fell $3.80, or 0.3%, to $1,342.70 an ounce Friday morning on the Comex in New York. It is down 1.3% for the week, after losing 4.3% in the prior two weeks. Earlier today, its price fell to $1,337, its lowest level since November 18.
Silver Shortage and China Inflation
Silver Shortage and China Inflation an update from NIA market gluts with physical as price drops.. they get the physical AND the short play profits. not a bad scam.it took Eric Sprott 2 months to get his physical silver delivered ..."If it takes him 2 months, imagine how long it will take you to get yours".
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