5.4% Gold Spot Price Drop!

Bloomberg.com: Commodities: "Gold Falls 5.4 Percent, Most in 12 Years; Wide Price Swings Deter Buyers May 24 (Bloomberg) -- Gold in New York tumbled 5.4 percent, the most in 12 years, as wide price fluctuations drove investors out of the market. Gold last week declined 7.6 percent, the most since 1990, amid speculation a five-year rally was ending. The metal has fallen 13 percent from a 26-year high of $732 an ounce on May 12. ``You're getting these whipsaw moves,'' said Michael Guido, director of hedge fund marketing and commodity strategy at Societe Generale in New York. ``It's freaking a lot of people out. If this keeps up for the next week, the market's going to dry up.'' Gold futures for June delivery fell $36.20 to $637.50 on the Comex division of the New York Mercantile Exchange, the lowest in almost a month. The percentage drop was the biggest since August 1993. Prices still have gained 53 percent in the past year. Investors are putting money in cash and waiting for broad price changes to end before buying again, some analysts said. Gold Falls 5.4 Percent, Most in 12 Years; Wide Price Swings Deter Buyers May 24 (Bloomberg) -- Gold in New York tumbled 5.4 percent, the most in 12 years, as wide price fluctuations drove investors out of the market. Gold last week declined 7.6 percent, the most since 1990, amid speculation a five-year rally was ending. The metal has fallen 13 percent from a 26-year high of $732 an ounce on May 12. ``You're getting these whipsaw moves,'' said Michael Guido, director of hedge fund marketing and commodity strategy at Societe Generale in New York. ``It's freaking a lot of people out. If this keeps up for the next week, the market's going to dry up.'' Gold nugget sales and museum size gold nuggets - visit: http://www.california-gold-rush-miner.us