Whither Gold? Bears Circle as Rally Hits Speed Bump
By: Javier E. David
Edmund Moy, a long-term bull on gold, classified the metal’s drop as “short-term volatility”, that was unlikely to continue, given the fiscal picture in the U.S. and Europe’s prolonged debt-crisis and economic slump.
“It’s less the price of gold and really the fundamentals” that matter, said Moy, a former director of the U.S. Mint. I just don’t think that the the President and Congress are going to get to a debt agreement easily. Our deficit is still going to climb to $2 trillion a year.”
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