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News In Brief

Gold is a sneaky little item

Paddy Hirsch Aug 11, 2011

The price of gold fell more than two percent today, as investors piled into the stock market seeking buying opportunities.

“Gold is a sneaky little item,” Sterling Smith of Country Hedging told CNBC. He added he would not buy gold right now, given its behavior over the last couple of days. The metal slipped to $1,740 an ounce from yesterday’ high of $1,817.

Investors said the decline doesn’t mean gold has reached its peak. Rather, it’s taken a breather. Charles Nedoss, senior market strategist with Olympus Futures in Chicago told MarketWatch that gold could pull back a bit more from these recent highs, but could also easily reach $2000 and ounce by the end of the year, as concerns about the health of European banks and the U.S. economy.

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