Gold Is Down And Some Are Blaming MF Global

Gold for December delivery is down 1.39% to $1,723 per ounce.  The yellow metal has been considered  a safe haven, but is falling with all of the world’s risk assets.  Also, the dollar has been soaring after Japan said it was intervening in the yen.  However, gold is still well off its 52-week low of $1,319.20.

An anaylst interviewed by Marketwatch also prescribed some of the gold sell-off to MF Global’s bankruptcy filing, which some fear could “trigger a large-scale liquidation.”

The gold sell-off also weighed on mining stocks. Newmont Mining Corp. is down 2.56%, U.S. Gold Corp. is off 3.93%. Midway Gold Corp which is currently exploring for gold in Nevada, is the biggest loser among American companies down 7.63%. 

Meanwhile, silver is off 3% to $34.23 per ounce and December copper is down 2.04% to $3.63 per pound.

Now here’s a look at gold’s intra-day trading:

gold trading chart

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