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Monday, April 15, 2013

Gold Bear Market ? #GOLD $GOLD Buy or Sell ?

Gold prices broke below $1,400 Monday, their lowest level since March 2011. "Here we are under [$1,400]," Gartman observed. "Who would have thought it? Not I." "I think it would be unfair to force the Cypriots to sell [gold] and not to have others do exactly the same thing," he argued. "I expect Spain and Portugal, Italy will also be rumored to do it, and that's weighing on prices." The precious metal has entered into bear market territory for the first time in 12 years. It is down about 25 percent from a peak hit in September 2011 at $1,920. Reports last week that Cyprus was planning to sell some of its gold holdings have been the latest trigger for the sell-off in gold Gold mining shares around the world were battered, with shares of Australian-listed Kingsgate Consolidated, a gold producer and exploration company, and miner Beadell Resources plunging 15 percent, while Newcrest Mining, which operates gold and copper mines, tumbled more than 8 percent.
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