Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— In its biggest one-day loss of 2014, gold tumbled 2.3% to close just under $1,307 as traders took profits from its recent rally to a four month high. A huge sale of around $1.7 billion in futures in the opening moments of today's Comex session triggered automatic stop-loss selling, driving gold through support at $1,330 and $1,310 before it stabilized above major support at $1,300. The source of the sale was not identified.

Receding fears about Portuguese banking problems helped to spur the sell-off, boosting risk appetite and rallying global equities. The Dow jumped more than 110 points and the Global Dow added 0.7%. U.S. Treasury prices and Portuguese bond yields fell on the decreased appetite for safe havens.

The other precious metals fell along with gold. Silver dropped 2.6% while platinum and palladium lost 1.2% and 0.5%, respectively.

At the Comex close: August gold tumbled $30.70 to $1,306.70; September silver dropped almost 55 cents to $20.91; October platinum fell $19.20 to $1,494.30; and September palladium slid $4.20 to $871.10 an ounce.