Shakespeare delivered this week’s soliloquy for gold in Henry VI: “Now thou art come to a feast of death.” Gold prices remain in the dumps after enduring the worst trading session in five years, the signature poor performance of a poor commodities market. Some economists believe it to be temporary, but others have yet more Draconian predictions for precious metals investing.
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Monday experienced less than an hour of gold trading above the $1,100 threshold. Gold dropped like a rock after the first trading hours and just barely came back up to close out the day at $1,097. Marketwatch claimed that gold fell into a “perfect storm” where less demand coupled with less inflation and less risk in currencies has slashed the price of gold and precious metal commodities. Silver fell by 1.5%.
Tuesday repeated the pattern with greater dramatic flair, ratcheting up to a weekly high of just under $1,105 before plummeting to a weekly low of $1,090. Morgan Stanley thought the climate so unappealing that they released a report claiming that gold could fall as far as $800 per ounce, the lowest price since 2008.
Wednesday saw a period of null growth that kept gold firmly in the basement. Silver prices had a worse day, dropping by half a percentage point overall. Platinum had its worst day of the week, hitting $920 per ounce.
Gold made even more headlines on Thursday by remaining in a slump for ten consecutive days, which CNN reported as headline news for the worst performance of the metal in two decades.
Friday saw stabilization at $1,095 with 125,000 contracts traded in sum. Gold ended the week having dropped by three percentage points overall.