Worries about the end of gold’s longest rally since the end of the first world war are flourishing on the back of record sales from exchange-traded products.
Highlights from the market news:
- Investors sold 106.2 metric tons valued at $5.4 billion from exchange-traded products in February, the most since their creation in 2003.
- Gold slid 5.6 percent to $1,581.55 an ounce in London this year by yesterday’s close, the worst start since 1988.
- Gold is “significantly overvalued” and unlikely to return to its September 2011 record of $1,921.15, Credit Suisse said Feb. 1.