The price of gold for June delivery tumbled 2.6% or $23.70 to $873.60 Monday, as several posters on Stockhouse weighed in on the metal’s moves.
MarketWatch reports that “actions from the world's major nations has boosted investment sentiment and reduced gold's safe-haven appeal.”
The weakness in the price of the metal is "a sure sign risk appetite has increased further following the actions of various governments and central banks as well as the combined efforts of the G20 nations last week," James Moore, a precious metals analyst at TheBullionDesk.com, said via MarketWatch.
Several gold stocks also posted declines, including New Gold (TSX: T.NGD, Stock Forum), down 8.75% to $2.19, Barrick Gold (TSX: T.ABX, Stock Forum), which fell 3.5% to $36.01, and Goldcorp (TSX: T.G, Stock Forum) declining 2.1% to $37.31.
On the Horizons BetaPro S&P TSX Global Gold Bull Plus ETF Bullboard,
yorkmemo commented on the gold market’s current situation, saying:
Check out the carnage on the gold market, with some stocks down close to 30% in three days of trading, absolutely brutal. If this doesn't scare off the shaky hands, I don't know what will. It seems we're holding tentatively at just under $870. We haven't seen this price in quite a while. I called this one wrong for sure, but the market still hasn't closed and stranger rebounds have happened before. Maybe the gov't will announce yet another printing press run and we all get saved from ourselves for another day[sic].
wavepsyche added: “G-20 intervention does seem to be in play; tempted to buy HGD; however, can't shake the possibility of a $60 spike in POG at anytime (like it did last time we saw these dips)[sic]”…
yorkmemo also noted: “Don't feel down. This really could turn on a dime. All the pieces are in place for a major rally in gold, it's just a matter of time before all this printing and issuing debt, and manipulation catches up and messes up the whole system[sic].”
On the Goldcorp Bullboard, RabbitHole said: “as I predicted 700 gold is on it's way...massive selling of gold equities and physical...then a massive move to 1200[sic].”
Meanwhile, on the Yamana Gold Bullboard, rtire1day made the following comments:
I find it interesting that a year ago YRI SP was hovering around $14-$15 and now trading at $10-$11. POG was then wasmaybe $900+. I have been searching for the best/most hammered down precious metal stock.
YRI seems to fit the shoe. I realize that POG is seeing a lot of pressure of late due to the apparent recovery/pump.
I'm thinking that an awful lot of people are thinking the economy is turning around. I honestly cannot believe that POG has not held over $1000[sic].