Gold Prices Slide Down 0.35%; Investors Depend Ahead of EU Summit
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Gold Prices Slide Down 0.35%; Investors Depend Ahead of EU Summit
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Gold prices slide, sagged and slipped Wednesday - everything but move decisively -- as investors wearied of the market's rumor-driven mood swings over Europe's future.
The latest rumor came from Britain's Guardian newspaper, which said France and Germany agreed on dramatically increasing Europe's bailout fund.
Stock investors promptly regained hope and bid up equities. Official denials quickly followed and, predictably, stocks fell as hope faded again.
"Our view is that the market follows the news in quite an irrational way and any headline that says 'We are going to be doing something more' causes a huge rally in equities and a sell-off in (German bonds) when actually nothing has really changed," Lyn Graham-Taylor, rate strategist at Rabobank, told Reuters.
The month-long cycle of optimism and pessimism over whether or not European leaders can stop sovereign debt defaults and save their banks is wearying investors.....READ MORE
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1 Response to "Gold Prices Slide Down 0.35%; Investors Depend Ahead of EU Summit"
thanks urs info
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