The precious metal experienced heavy-selling pressure to reach new multi-month lows.
Imports to the mainland from Hong Kong nearly doubled to an all-time high last year.
Ridiculous platinum coins and the nation’s gold reserves appear to be off the table.
After remaining calm for most of the summer, precious metals have been on the warpath like they have something to prove.
A new report shows global gold demand fell in the second quarter from year earlier levels.
The markets rallied last week as European leaders made progress at a two-day summit in Brussels.
Gold has been called many things over the past several years. The shiny yellow metal is seen as a safe-haven to some, but a barbaric lifeless asset by others.
May was a disastrous month for the market, as the “sell in May and go away” mantra reared its ugly head
There seems to be no shortage of turmoil in the markets.
It has been a difficult week for precious metals, as gold and silver both experienced their lowest closes of the year.
Precious metals have been relatively quiet this week. After posting its best weekly gain in two months, gold is trading slightly lower at about $1,650 per ounce.
After remaining quiet for much of the day, gold and silver received a sharp pullback on Wednesday after the Federal Open Market Committee released its latest statement.
Despite the Dow Jones Industrial Average and the S&P 500 suffering their worst day of the year on Tuesday, precious metals were able to decouple and climb higher.
Earlier this week, a fully loaded Brinks truck carrying between $3 million and $5 million in uncirculated loonies and toonies crashed on a snow covered highway in Ontario, Canada.
On Thursday, gold prices declined to $1,642.50 per ounce, while silver fell nearly 90 cents to settle at $31.35.
After two days of consecutive gains, gold and silver briefly dipped into the red after Friday’s job report.
It has been a rough week for precious metals.
Despite a volatile year for gold prices in 2011, demand for the precious metal still remained strong.
On Wednesday, precious metal prices climbed higher as European finance officials considered delaying parts or even all of a second bailout package for Greece.
Gold is a very controversial object.
On Tuesday, China reported GDP growth of 8.9 percent in the last quarter of 2011, which is the slowest growth increase in more than two years.
Last year, Eric Sprott, legendary gold and silver investor and chairman of Sprott Inc., issued an open letter to 17 of the world’s largest silver producers.
The final months of 2011 were unkind to gold and silver.
Governments hate competition. Due to record breaking gold prices this year, more unauthorized gold exchanges have been created to capitalize on gold fever.
Despite calls for the death of the gold bull market, the precious metal managed to climb $21 higher on Tuesday to settle above the $1,600 psychological level.