Gold Prices Slumped More Sharply
The price of gold slipped back sharply, even penurunannya is the largest since the economic crisis of 2008. A drop in gold prices was triggered by technical problems and investors who sell precious metals towards the end of the year.
With the decrease reached 4%, gold price is now below the level of US $ 1,600, for the first time since early October. Gold prices slump occurred in unison with the drop in commodity prices.
In trading Wednesday (15/12/2011), the price of gold on the spot market declined 3.9% to a record level of US $ 1,568 per ounce. Gold prices had plunged to US $ 1231,99, for the first time since the end of September. While silver prices plunged 6.5% to as low as US $ 28,76 per ounce.
Gold has experienced pressures to respond to the meeting of the US Central Bank does not issue a new policy to economic stimulus. Gold price drop Momentum increased over the fall of the euro.
The single currency the euro was weakening 0.4% against the u.s. dollar to as low as US $ 1,2979. The Euro is in fact never hits the level of US $ 1.30, for the first time since January.
In addition because of pressure from the European crisis, the price of gold was also down triggered by a possible liquidation of hedge funds to meet demand for redemption toward the end of the year.
"There seems to be the action of which there are quite significant selling. How gold is down as big fund explodes, igniting action forced selling to redemption, "explains James Dailey, portfolio manager of the TEAM'S Financial Asset Management as quoted from Reuters, Thursday (15/12/2011).
While HSBC says, gold hit by pressure from investors who want to earn more cash on neracanya towards the end of the year.
"Some hedge fund liquidation macro do gold and take profit in this difficult year. Due to the volume of trading was a typical down towards the end of the year, we estimate price turmoil continues to increase, "said James Steel, chief technical analyst HSBC.
As a side note, the price of gold on the precious metals business PT Aneka, son of Mine Tbk yesterday reached Rp 544 thousand per gram, with price buy back Usd 478 thousand.
Oil Prices Also Slumped
In addition to gold, other commodities which is a crude oil price slump. Oil prices slumped more than 5% after OPEC decided higher production without creating a new rule.
In trading Wednesday (14/12/2011), WTI light sweet oil prices slump on record US $ 94,95 5,19 to US $ per barrel. Oil Brent shipping January also slid to as low as US $ 4.50 to US $ 105,02 per barrel.
