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Thursday, August 25, 2011

Gold continues its slide

Gold is down another $50 or so an ounce, or about 2.8%, after the CME raised its margin requirements for the second time this month.  Gold lost $104 an ounce yesterday (Wednesday, August 24th), and has fallen almost $200 per ounce from its all-time high around $1,900, which it hit on Monday of this week, August 22nd.  As I have been writing, I believe gold to be in a massive bubble.  Some may be tempted to buy gold since it has pulled-back somewhat.  Don't do it!  It is still grossly overvalued at $1,700!

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