Spreadex Market Update
U.S. Stock Futures showing the strain
After last week’s dramatic sell-off in gold, investors with a long-term bullish view of the commodity have been dealt a massive blow after the price dropped by as much as 6.3 percent during today’s trading, dipping below the $1,400 per ounce mark for the first time since March 2011.
This added to last week's fears of central bank sales from Europe, prompted by a proposed sale of Cyprus bullion holdings, and concerns about a reduction in monetary stimulus. Cyprus's plan to sell gold reserves to raise around 400 million euros $525 million has raised concerns other indebted euro zone countries could follow suit.
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