Freaky Friday: Barrick, Goldcorp, Kinross, Newmont, Randgold take big hits
Barrick: down 5.3%
Goldcorp: down 8.1%
Kinross: down 8.3%
Newmont: down 5.7%
Randgold: down 5.8%
The gold price decline is said to be "feeding on itself." As each new technical barriers is swiftly breached, significant new lows quickly become possible. When gold dipped under $1,300, it went below the 50 percent retracement level from its high in 2011. Now Jim Rogers says that gold could fall as low as $900/oz.
Slowed bullion demand in China and India, and life signs from the US and Japanese economies are two drivers of anti-gold sentiment, which has reached new heights.
Economist Nouriel Roubini, "Dr. Doom," who is among the preeminent gold bears, says "gold prices are likely to move much lower, towards $1,000 by 2015…unlike other assets, gold does not provide any income…gold remains John Maynard Keynes’s ‘barbarous relic,’ with no intrinsic value and used mainly as a hedge against irrational fear and panic.”