This morning, the midweek session in New York opened lower as gold notched a fourth day of losses, and traded near $1,640 per ounce. Anxieties connected to China’s economy flared up once again this morning.
Barclays Capital analysts find that the slow but steady leakage of metals tonnage from various ETFs is underscoring the ebbing interest in precious metals at the present time. Gold balances in such vehicles have declined by six tonnes this month.
Some of the Fed-induced euphoria that became manifest one week ago dissipated during the course of this week as market participants were left with an environment wherein Fedspectations can now be considered as being off the table.