Today we saw Gold closing lower, near the session low around $1,230.00 per ounce. This was influenced partially by the stronger US Dollar. Price is now well off the high achieved on Monday.
Many experts are expecting more volatility in future, particularly as rebalancing of indexes approaches.
The 2013 decline in the price of Gold has causes a loss of about $10 Billion for the Swiss National Bank and a review of policies is being studied.
Also, the decline in 2013 has ended a 12 year win streak for Gold, there is a current exodus led by George Soros, according to SEC filings, unloading his holdings.and John Paulson, largest holder in the SPDR Gold Trust is reluctant to personally invest any more until he sees a return to inflation.
Miners, such as McQuarrie are conducting cost cutting measures which may see production being reduced in future.
Other factors which can influence price in coming months may be short covering at the COMEX as the amount of physical gold available for delivery is declining rapidly.