As the New York Stock Exchange started trading this morning, in just thirty minutes the price of gold dropped $32.40. It is now $34.45 down, and falling.
Given that the US Government debt-ceiling farce just produced a Washington shutdown plus weakened Dollar (and what the FT todays calls ‘fears of a US default’) a dramatic fall in the price of gold disobeys every rule of Fresher Year economics as still taught at University. But despite all that, it just happened. Continue reading