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CNN: Gold prices to two-year low
CNN: Gold prices to two-year low
Diamonds don't have to be forever
Investors have been turning their backs on gold recently and pouring money into stocks funds instead as equity markets in the United States have gone on a record-breaking run.
Friday alone, investors yanked more than $1 billion out of the SPDR Gold ETF. So far this year, they've pulled nearly $10 billion out of the $55 billion ETF.
Reports last week that Cyprus may sell gold worth 400 million euros as part of an international rescue added to the exodus, in part because of concerns that other European central banks with much bigger reserves may do the same.
Last week, Goldman Sachs and Deutsche Bank cut their forecasts for the price of gold, citing improving prospects for the U.S. economy, which would reduce the need for further monetary stimulus.
