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Gold Bullion Crashes on Technical Selling, Higher USD Index

December 2, 2013 - Gold bullion values crashed during the mid-morning trading session Monday as investors returned from the extended holiday weekend to discover that the dollar index has jumped significantly. The dollar’s renewed strength was enough to push gold down $3.80, and selling lopped off another $20 from gold’s spot price.

There was worry last week that gold bullion prices could suffer if holiday shopping numbers weren’t as explosive as previously hoped, and many retailers have publicly stated that their sales for the Black Friday weekend were far below expectations. The rough economy and Internet-based retailers have sapped business from companies that have traditionally been post-Thanksgiving powerhouses, and while some consumers may be interested in gold jewelry the demand for gold bullion bars and coins has been relatively low for the last few weeks.

“We expected gold bullion demand to drop off somewhat as the holiday season approached but the drops gold has taken recently are unprecedented,” said analyst Conrad Brennan. “The long-term dynamics still support gold but low interest rates and a stronger dollar are boosting stock markets and making it hard for some investors to justify a gold bullion purchase in the short-term,” he added.

Historically, gold sees an uptick in interest starting in September through November, at which point consumers begin to focus on holiday shopping and vacations. January is usually a busy month for gold bullion dealers due to the influx of investors opening Gold Bullion IRA plans, and many dealers say that the gold bullion market remains active through June, when summer vacations take precedent and household investors’ interest in investment tapers off. For a month-by-month breakdown of average U.S. gold bullion demand select the free gold guide below or call us directly for expedited shipping of your complimentary starter kit.

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Jonathan Monroe

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