The price of gold for April delivery tumbled $20.70 or 2.25% to $897.30 an ounce Tuesday, as copper climbed.
MarketWatch reports that earlier, gold’s April contract hit an intraday low of $893.50 an ounce.
"Gold is under pressure as money flows back into the broader market," said Kevin Kerr, editor of Global Commodities Alert, via MarketWatch.
"It seems that for the moment the inflation fears and systemic risk fears are starting to diminish and investors who have access to funds are starting to see opportunities in the other commodities as well as equities," he added.
Meanwhile, copper for May delivery saw gains of 3.4%, or six cents, to $1.70.
On the Bullboards, posters were discussing the metals’ moves Tuesday, including arjen4real on the Northern Freegold Resources board, who said: “Largest gold ETFs are unloading their holdings in gold. It is killing a lot of the gold juniors, as opportunities to make money with other stocks are presenting themselves. Copper and crude are in for a short term rally, and most of the smart money will be getting aboard. So the question is, do I wait it out here ... or load up some oil for the short term rally and buyback cheaper?[sic].”
On the Mercator Minerals Bullboard, mtgfree1 also noted:
“Moly and copper up, moneymoving out of gold in a massive way at the moment, going to $740 in my view\ Fact is TCM going up sharply with good volume (moly only) and ML just announced production of moly and copper[sic]”…
intowin added: “You may be seeing profits in gold moving into base metals at the moment. Copper is holding up well and I feel there's more upside in the base metals than precious metals in the short term . Gold still looks good longer term but for right now copper is showing the strength. JMO[sic]”
In a post entitled “Copper keeps rising”, Casper13 noted: “A very positive sign now. I agree a rally up is soon to come[sic].”
While, on the Horizons BetaPro S&P TSX Global Gold Bear Plus ETF board,
Kanjiken said:
“If gold were to hit $650 again then the gold mining stocks like Barrick, Newmont, Goldcorp, Kinross, etc, would definitely revisit their Oct 27th, 2008 lows which would mean that the share price of HGD could possibly double or almost double from where it's trading right now at $9.99. Question is, will gold really go all the way back to the $650 level again? I don't know but I also believe that gold will fall further[sic].”