Why Can’t You Goddamned People Understand That Gold Prices Should Be Going Up?

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We're sure that John Paulson and his ilk are taking some comfort in Bill Dudley's soothing words. Unfortunately for them, no one else seems to be paying attention.

Gold prices slumped to their lowest level in nearly three years Wednesday after a selloff at the start of Asian trading reverberated through trading floors in London and New York.

The most actively traded contract, for August delivery, fell $45.30, or 3.6%, to $1,229.80 a troy ounce on the Comex division of the New York Mercantile Exchange. This was gold's lowest settlement price since Aug. 23, 2010. Gold for June delivery also fell 3.6%, down $45.20 to settle at $1,229.60 an ounce….

On Tuesday, data showed a pickup in durable-goods orders and housing construction, while consumer confidence climbed back to prefinancial crisis levels. Investors and traders have been scrutinizing every economic report to get a sense of when the Fed might scale back an $85 billion-a-month bond-buying program. The Fed has said it would end the program when the economy shows continued improvement.

Gold Falls to Near Three-Year Low [WSJ]

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