According
to ABC Bullion, it’s been a difficult two weeks for precious metal bulls, with
gold failing to hold support at the all important USD $1,300oz level late last
week, before plunging to USD $1,275oz on June 15th.
The
plunge, which took place about a day and a half after the Federal Reserve had
gone ahead with a fully anticipated rate hike, erased any 2018 gains precious
metal investors had been sitting on for the year, with both gold and silver now
down in USD terms year to date.
Over
just a few trading hours, some $30bn of gold sales were processed, a huge
uptick in volume that drove the fall seen last Friday. The decline has
continued over the past few trading days, with gold now trading at USD
$1,270oz, whilst silver is at USD $16.45oz, having dropped nearly USD $1 at one
point over the last week.