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Gold Falls Below 1,200 $




Gold has slipped below the psychological level of 1,200 $ on Thursday, June 27th and has re-emerged above that level on Friday, June 28th.
1,192.10 $ was the minimum level reached by gold, but recovery was prompt, so it closed at 1,238.80 $ on Friday.

This is the lowest level reached by gold's price in almost 3 years!

Earlier, on February 22nd, this year - Prime Values has published this article about the possibility of a strong price pullback that could drag gold down below 1,200 dollars.
It has eventually happened...

In the recent past, a vast number of financial institutions have come up with various price level predictions for gold.

Saxo Bank's sub-1,200 $ prediction proved to be true. It's shocking, but the "king metal" has fallen almost 29 % this year - if we consider the spread between maximums and minimum levels reached between January 1st 2013 and June 27th, this same year.
But the pullback reaches 33 %, if we consider the past 365-day period.

According to investor and author, Jim Rogers - a 30 to 35 % correction in the gold market is "normal".
Earlier, in a Business Insider interview, Rogers has affirmed that he expects gold to crash 1,200-1,300 $.
In the same interview, he also said he expects "gold to eventually go higher over the decade."

The current 1,200 $ level is far below Société Générale's 1,375 $ price forecast for 2013.

No-one knows for certain where gold's pullback will bottom.

Forbes even speculates about the price reaching 600 $. Check this earlier article for details...

If you're interested in investing, then you should also check the previous Prime Values article about picking gold's next bottom - in it you will find hints, ideas on signals to watch!





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