Otmane El Rhazi from
The Bullion Desk.
- Gold is now down to $1,080 per ounce, that’s its lowest in five years and down about five percent for the week.
- Around 5 tonnes of gold were dumped onto the SGE during an extremely short amount of time, simultaneously volumes spiked on COMEX as stops were hit on the way down during illiquid period of trading.
- Today, gold struck another fresh five year low around 1077 per ounce and the outlook isn’t exactly looking great moving forward.
- Physical demand out of the emerging markets has been better, particularly in India where the market has moved out of a discount and into a small premium.
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