There was an article on Bloomberg which said it was fluctuating from gains to losses due to huge gold ETF sells. Which to me means that it's being intentionally contained for the moment. As a result, I am focused more on accumulating rather than keeping profit watch. It should be up, based on news, and it will be up sometime very soon.
Gold Drops as Washington Gridlock Sparks Rush to Cash
Today 9:48 AM ET (Dow Jones)Print
--Comex Dec gold down 0.9% at $1,326.60/oz
--Gold prices decline alongside equities as traders worry about liquidity
--SPDR Gold holdings down 0.5% since last week as investors cut physical gold hoard
By Tatyana Shumsky
NEW YORK--Gold prices fell Monday amid a broad market selloff as the threat of a U.S. government shutdown prompted some investors to move into the safety of cash.
The most actively traded contract, for December delivery, was recently down $12.60, or 0.9%, at $1,326.60 a troy ounce on the Comex division of the New York Mercantile Exchange.
Lawmakers failed to agree on a short-term federal government funding bill after a weekend of jawboning along party lines in Washington. This puts the government on the path for its first partial shutdown since 1996 as Congress appears unlikely to pass a budget by the Monday midnight deadline.
Gold prices fell alongside equities and other commodities as the uncertainty surrounding the situation drove some investors to shed assets across the board and rushed to the safety of cash. The Dow Jones Industrial Average futures were recently down 135 points, or 0.9%, at 15060.
"You're getting more of a 'baby out with the bath water' case in gold," said Frank McGhee, senior precious metals dealer with Integrated Brokerage Services LLC in Chicago.
Concerns about liquidity--having enough cash on hand to cover potential losses on leveraged trades or to take advantage of investment opportunities on short notice--can often prompt selling across different markets as investors stock up on cash.
"Deadlines in Washington about raising the debt ceiling are again reminding people of the past instances when raising cash was important," said George Gero, a senior vice president with RBC Wealth Management, in an email.
Investors also continued to reduce their holdings of physical gold...