Our Two Cents Worth

Gold's Big Plunge


Why did its price drop more than 13% in two days?


Suddenly, a bear market in gold. On April 12, the precious metal settled at $1,501.40 on the COMEX – diving 4.1% in a single trading day and 20.5% under its all-time closing high of $1,888.70 on August 22, 2011. Statistically, that was the end of a lengthy bull market – one marked by 12 years of annual gains.1,2


As gold bulls discovered, the selloff was just getting started. April 15 was the worst day for gold in 30 years – prices slid 9.4% lower on the COMEX to a close of $1,360.60.3


Quarterly Economic Update for Q1, 2013

QuarterlyEconomicUpdate4.jpgTHE QUARTER IN BRIEF

Wall Street’s bulls figured stocks were ready for a breakout in 2013, and that is exactly what happened in the first quarter. The Dow finished March at 14,578.54, its highest close ever. The S&P 500 ended the quarter with a record close: 1,569.19. The S&P, Dow and Russell 2000 all gained 10% or more in the opening three months of the year. Bullish sentiment was backed up by impressive economic indicators – in real estate, in the manufacturing and service sectors, in consumer spending and retail sales. New anxieties in Europe and sluggish projections of global growth couldn’t halt the rally. The quarter was flat-out spectacular for equities, from small caps to blue chips – in fact, it was the Dow’s best first quarter since 1998.1


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