U.S. Shutdown Triggers Gold Rebound… Check That, Sell-off
U.S. Shutdown Triggers Gold Rebound… Check That, Sell-off (YahooFinance)
Gold posted its best quarter in a year, gaining back 8.6 percent of the value it had lost earlier in the year. And with the prospects of U.S. intervention in Syria, investors in the barbarous relic were starting to believe that the holiday season would glitter again. Not so fast… Gold dropped nearly 3 percent yesterday alone due to — of all things — the U.S. government shutdown. So why did the market sell off gold, in the face of what could turn into a huge market destabilizing event? Well, some analysts believe that all of that risk had already been priced in, so there was no motivation to hold it any longer. Really? What do those investors know about the length of the shutdown that we don’t?