Reverse of the American Buffalo gold coins (Photo credit: Wikipedia)
After eleven years of up, up, up, gold has been down, sideways, or down since it peaked at $1,900 in August of A.D. 2011. Last week, we saw several consecutive days of gold falling between $10 and $24 per day. On Thursday, gold fell below $1,550 and left many wondering how low gold can go. Confidence in gold was badly shaken.
Société Générale S.A. is a French multinational bank headquartered in Paris. It’s France’s second largest bank and the no. 8 bank in the European zone. So it didn’t help to restore confidence in gold when Kitco News posted an article entitled “Societe Generale Sees Gold Under $1,400 By Year-End”
$1,400 gold! Two weeks ago, I would’ve dismissed such predictions as silly. But, last week, I began to wonder if maybe $1,400 gold was possible.
According to that article,
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