If a market ain’t going up, according to an old traders’ maxim, it must be going down.
Gold stopped going up in September 2011, when it touched a record high of $1,920 a troy ounce. But on Monday what had been a measured slide became a rout, as the precious metal tumbled more than $100 an ounce in a matter of hours to a two-year low of $1,355, marking the sharpest slide since the end of the last bull market in the 1980s.
“I honestly don’t remember seeing a move like this for a very long time,” says David Govett, head of precious metals at Marex Spectron, a brokerage.
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