New York traders went to bed seeing gold break down. Panic sales next?
These are tough times for the gold bugs.
Years of hyper-inflation predictions haven't materialized, a never-ending crisis in Europe didn't spark demand and China isn't buying anywhere near as much as expected.
Gold prices are down 44% since 2011 and the S&P 500 has doubled. That's a tough argument to win.
A catalyst -- even an imaginary one -- isn't on the horizon for gold. What's worse is that there is no fundamental support for gold. There's no yield and industrial demand is minimal. The hope is that jewellery or safe-haven demand materializes soon.
This chart argues there could be a long fall ahead.
Gold weekly
