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!