Gold prices are down $27.50 to $1195 with prices falling $10 in the past few minutes.
The move erases most of the December gain and drops prices back to where they were on December 8. In mid-December of last year, gold embarked on a sizeable selloff but it might have been related to its poor performance in 2013. This year, gold is slight higher in USD terms and significantly higher measured in other currencies.
There’s no clear trigger here, but perhaps plunging crude or the ruble is spilling over. Markets are disconnecting all over the place.
Update: There’s a rumor that Russia is selling gold. Sounds a bit like a rumor to fit the price action but somebody is definitely selling gold.
