Gold Hits 1-month Low – Time to Long?
Gold fell to its one-month low on Thursday as a result of stronger dollar and the descent of exchange-traded funds. The yellow preciouss metal is approaching its longest losing streak since March 2009. The shiny material has been hammered from all sides in recent months, but some analysts are suggesting that now is the time to buy gold. Anthony Mirhaydari at MSN Money suggests that "when the world is being flooded with cheap money, Economics 101 tells you the prices of all tangible -- including gold and silver -- will eventually increase." Gold is currently only $60 away from its two-year low from April. Gold miners have been hit hard as prices decreased almost 18 per cent in 2013 and are far away from $1,920, a record top, which it hit in September 2011. Markets are also speculating about the possibility that the Fed in US might start toning down its aggressive stimulus efforts, thus taking the air out of the argument that gold acts as a hedge against possible inflation.
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