Precious metals are bleeding on Wednesday.
On Sunday night, gold flash-crashed with a very quick 4% plunge that sent the precious metal to a five-year low. And on Wednesday morning, gold was back near those absolute lows.
Silver was also red, palladium fell more than 2%, while platinum and copper were each 1% lower.
And following gold’s plunge, analysts are getting increasingly bearish on the commodity.
Goldman Sachs now sees the price of the metal dropping below $US1,000 an ounce, according to Bloomberg’s Debarati Roy.
Goldman’s head of commodities research Jeff Currie told Bloomberg: “With the more positive outlook on the dollar, and with debasement risk starting to fade, the demand to use gold as a diversifying asset against the U.S. dollar becomes less and less important.”
Currie also said the firm prefers to approach gold “on the short side” for the longer term.
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