17 April 2010
Gold traffic jumps as Price falls on Goldman News
Gold Price comparisons jump as Gold price falls on Goldman Sachs charges.
Gold prices were down by as much as 2 percent Friday. The yellow metal hit a 10-day low as investors booked profits on news that the SEC charged Goldman Sachs, a big commodities player with fraud.
Gold particularly suffered among the precious metals due to investor concern that John Paulson of Paulson and Co. has become entangled in the Goldman case, which may cause selling pressure on the stable of large holdings in investments tied to the gold price, including gold ETFs and gold stocks.
However, small Gold coin and Gold bar buyers took the dip in gold prices as a possible buying opportunity as Gold Price comparisons jumped to 70.4% of all price comparison traffic.
On saturday morning, Fixed price gold premiums were relatively subdued, with 1 ounce gold bars trading at 15.64% over Fridays Gold Fix.