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Gold tumbles to $1,740 while stock markets bounce back strongly

Michael Allan McCrae | August 11, 2011 | 8:07 pm Precious Metals Canada Europe Gold 
China factory data roils copper stocks – Freeport down 9%
Downward spiral

Gold traders saw the precious metal lose over $60 in value today after gold dipped below $1,740 in afternoon trading.

Yesteray gold broke through $1,800/oz.

While gold was down, markets were up on strong corporate earnings and good U.S. job’s data. The Dow Jones was up 5.16% and the S&P 500 was up 5.76%. The Canadian markets were up modestly. The resource-heavy S&P TSX rose 2.16%.

Cisco brought in earnings on Wednesday night that were stronger than expected. The US Labor Department reported that initial jobless claims fell to 395,000. Analysts had been expecting a higher number of jobless claims.

3 Comments

  • MINING.com Editors

    It looks like gold will be going lower. There is a lot of profit taking.

  • MINING.com Editors

    Let’s see if corporations can keep delivering strong earnings.

  • Michael Allan McCrae

    It was good to see a better jobs report.

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