By Fiona MacDonald
Proactive Investors
Gold’s recent slide, which had seemed to slow and even reverse briefly, has resumed in full force with the yellow metal dipping markedly Wednesday, dropping to its lowest price per ounce in nearly three years as a new set of reverses puts the metal on track for a record quarterly loss.
Gold contracts for August delivery, the most actively traded market, dropped from a prior settle of $1,275.10 per ounce to as hit as low as $1,223.20 in intraday trading on the Comex Wednesday, a fall of almost $52 per ounce.
The level marks the lowest price for bullion since August 2010, in a quarter that has so far seen a loss of more than 20 per cent in the metal’s value, putting the quarter that started in April in line for the dubious distinction of gold’s worst quarter since at least 1920.
However, industry legend and founder and chairman of Sprott Inc., Eric Sprott, says he sees gold going “significantly higher”.