Van Eck Global - Since 1955 | Market Vectors ETFs

June 21, 2013
Special Gold Market Update

By Joe Foster

Gold Strategist and Portfolio Manager

Comments on Yesterday's Gold Sell-Off
  • While we had expected to see a base forming around the $1,400 level, yesterday gold fell through the $1,321 low established in the April sell-off, and hit a two-and-a-half year low. The market was surprised by the Fed’s comments on the ending of its $85B/month purchase of Treasuries and mortgage-backed securities by mid-2014, should the U.S. economy and employment continue their gradual improvement.
  • The Fed's statements also caused a sharp fall in global equity markets and a spike in interest rates, and we believe this may potentially create unintended financial and economic risks that favor gold.
  • Given the negative sentiment and selling pressure that gold has experienced this year, yesterday's rout could be a capitulation sell-off — but only time will tell.
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An actively managed portfolio with a 40+ year track record of investing in gold miners; Geologist Joe Foster has been a part of the investment team since 1996.

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