SaxoTV

Going, Going, Gold - down to 1000?

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It's a slump that looks set to continue as Gold gets knocked lower and lower, dropping as the USD strengthens and trailing in the aftermath of the Bank of Japan QE bombshell.

Sentiment is so bad that some exchange-traded products are at their lowest level since September 2008, when Lehman Brothers collapsed. 

Head of Commodity Strategy Ole Hansen gives us a snapshot of the market and talks us through levels he's looking out for. Ole says: "Total holdings in exchange-traded products backed by physical gold dropped by 3.65 tonnes on Tuesday while holdings in the SPDR Gold Trust (GLD:arcx), the largest ETP fell by 0.3% to 738.8 tonnes, the lowest since September 2008 when Lehman Brothers collapsed." 

Levels to expect include a prediction of 1000 USD.