Gold Bear Trap: The strongest decline in 93 yearsSubmitted by goldenequity on Wed, 06/26/2013 - 09:14
The decline of 22 percent from April to June corresponds to the worst three-month performance since 1920.
Strong US Data: (We KNOW better... don't we :)
Positive data came from the U.S. industry and housing market.
New orders for durable goods rose surprisingly strong in May.
Home sales rose more than expected in May - up 2.1 percent
Gold has fallen to its lowest level in nearly three years on Wednesday, as better than expected US economic data reinforced the belief that the Federal Reserve will taper its monetary stimulus in the next few months.
Analysts take back projections
Various analyst firms have (now) significantly lowered their forecasts for gold:
Goldman Sachs has lowered its forecast for 2014: From a 1270/low to to a 1050/low.
At the same time, smart money is dumping everything that is not nailed down.
We are seeing the attempt to repel every last scrap of paper gold, before the bear trap snaps shut.
I believe this is ONE case where ALL those (now) attempting to 'catch' a falling knife....
will be rewarded.
Hang on... and store physical wealth.