Gold tumbles 6% in biggest sell-off since 2013

[usonian]

Did you buy at the (frenzied) peak?

FT, archived.

https://archive.ph/rM1wQ

Gold tumbled more than 6 per cent on Tuesday, on course for its biggest daily drop in more than 12 years, as this year’s record-breaking bullion rally went into reverse at the end of the Diwali buying season.

After reaching a high of $4,381.52 a troy ounce on Monday, prices sank by as much as 6.3 per cent to $4,082.03 on Tuesday in what many saw as a long-overdue correction.

“It’s getting a little bit frothy up here,” said Nicky Shiels, analyst at MKS Pamp. “The main catalyst is extremely overbought conditions — the rally is maturing.” The historic rally this year has accelerated in recent weeks, with prices jumping 25 per cent in the past two months alone.

“The mere fact that we have rallied $1,000 in six weeks . . . it is indicative that prices are overly elevated, we are in the stratosphere,” Shiels added.

Who got suckered by a broker or jackass on the radio? Longer term? Who knows? Not even the Oracle of AI.

[Silent Type]

1. Trump will pull/say something idiotic and it will shoot back up.

If I had money to invest, gold wouldn’t be it. I knew too many people back in late 1970s that lost their asses (these were not well to do people, just folks in their 30s that thought they’d get rich).

[Bernardo de La Paz]

2. Probably similar people who bought Melanoma's "coin" at $12. Now worth less than ten cents. . . . nt

[littlemissmartypants]

3. I'm glad I didn't listen here when so many told me not to buy gold.

I'm glad I did and I took my earnings. And I'll never ask DU about investing again.

[bucolic_frolic]

4. When the chart goes vertical, time to sell.

Classic 3 or 5 bar chart play. And when those charts reach 9-13? A top is in.

Nowadays we have crypto in tow. Will it follow?