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Gold May Drop as Investors Sell on Rise to Record, Survey Shows
May. 06, 2011 01:30PM PST
Precious MetalsBloomberg reported that a drop in other commodity prices could cause gold`s price to fall.
Bloomberg reported that a drop in other commodity prices could cause gold`s price to fall.
The market news is quoted as saying:
“This market has risen too far, too fast,” said Jim Pogoda, an investor in Summit, New Jersey, and a former precious-metals trader for Mitsubishi International Corp. “I think we’ll get a more significant pullback over the next few weeks, as I expect many speculative longs that contributed to the frenzy to exit.”