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 Gold tumbles, China data hits commodities, stocks 
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Post Gold tumbles, China data hits commodities, stocks
By Leah Schnurr
NEW YORK | Mon Apr 15, 2013 10:42am EDT

(Reuters) - Gold slumped anew on Monday, racking up its worst two-day loss in 30 years, and investors dumped stocks and other commodities after weaker-than-expected Chinese data raised concerns about the global economic outlook.

Gold took other metals lower with it as its price plunged to a two-year low. Oil fell towards $100 a barrel, while Wall Street opened about half a percent lower

Spot gold dropped as much as 6.3 percent on Monday alone, hitting a low of $1,384.69 an ounce. In the last two sessions gold has fallen more than 9 percent, making for the worst two days since March 1, 1983.

Gold was recently at $1,407.40, still down nearly 5 percent. Strategists have cited various reasons for gold's decline, including official selling from central banks and the sharp correction that has caused short-term investors to flee the asset.

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Read more here: http://www.reuters.com/article/2013/04/15/us-markets-global-idUSBRE88901C20130415

Glenn Beck is not happy! :crylaugh :slap :roflmao :spit

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Mon Apr 15, 2013 8:14 am
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Post Re: Gold tumbles, China data hits commodities, stocks
Gold sees post-Fed ‘bloodbath’, hits 2 1/2 year low
Copper tumbles after weak China data

By William L. Watts and Barbara Kollmeyer, MarketWatch

NEW YORK (MarketWatch) — Gold temporarily plunged below $1,300 an ounce Thursday to trade at levels last seen 2 ½ years ago, a day after Federal Reserve Chairman Ben Bernanke said the central bank could move as early as this year to begin slowing the flow of monetary stimulus to the economy.

“As a trader said to me a few minutes ago, it’s a bloodbath at the moment, with most technical support levels being broken, we could still see $1,280, then $1,265 being hit today,” said Austin Kiddle, director at Sharps Pixley, in emailed comments.

Gold for August delivery traded $66.90 lower at $1,307.10 an ounce, a drop of nearly 5%. Gold plunged as low as $1,285 in electronic trade--a level last seen in a most-active contract in September 2010, according to FactSet data.

The U.S. dollar shot up in the wake of Bernanke’s comments, a negative development for gold as a stronger dollar can make gold and other dollar-denominated commodities more expensive to those using other currencies.

Kiddle said gold may be overdue for consolidation next week and that July possibly could see a turnaround, but warned that “calling a bottom would be like trying to catch a knife.”

Futures prices turned lower after U.S. Federal Reserve Chairman Ben Bernanke on Wednesday said the central bank’s purchases of government bonds may be scaled back as early as this year, if economic activity improves in line with its forecasts.

The central bank is currently buying $85 billion a month of bonds in an effort to encourage economic growth. The central bank’s bond-buying program has helped bolster U.S. equity prices, and aggressive monetary easing in recent years has been credited for helping gold prices rally.

The “fundamentals look a little better to us, in particular the housing sector, which has been a drag on growth since the [financial] crisis, is now obviously a support to growth,” Bernanke said during a news conference after the conclusion of the Fed’s two-day policy meeting.

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Read more here: http://www.marketwatch.com/story/gold-prices-drop-as-fed-signals-stimulus-slowdown-2013-06-20?link=MW_latest_news

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Thu Jun 20, 2013 6:00 am
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