Gold May Drop as Investors Sell on Rise to Record, Survey Shows

- May 6th, 2011

Bloomberg 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.”

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