Transcript for Gold Prices Drop as Investors Throw in Towel
Goal there's a dramatic drop on Friday and today gold is at its lowest point since March 2011 what's going on. Yet this -- he's a bit -- -- give up here in the gold market Eagles had a phenomenal rally last twelve years really but -- struggled the past six months or so and think the fact that it it wasn't able to gain more traction even with the Fed doing quantitative easing -- -- Bank of Japan doing quantitative easing which in theory. Would stimulate inflation the inflation is not taking hold and a lot of I think a lot of speculative investors are getting -- are thrown in the towel giving up and that is feeding on itself right here at its. Is getting ugly for gold and -- organ for the end of the selloff but it's not pretty right now. So is officially in a bear market and -- -- affect other industries. -- say it is officially a bear market as of this morning down more than 27%. From its all time high. You know it's -- other industries that think again -- ties back -- the story the broader story for commodities selling off amid fears that China's economy is slowing. The US economy you know we're doing okay but not create Europe's a basket case. Japan they're trying to get off the -- so. Where's the growth where's the great story it's gonna drive demand for commodities maybe it's Brazil. Maybe -- India but there's not enough there to really spur the kind of demand you need to get prices moving higher from here.
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