Despite the ECB’s LTRO offering which saw demand increase to EUR530 billion, gold prices later fell by nearly $100, more than a 5% drop, to below $1,690 per ounce yesterday and was the largest single day’s decline in better than three years. This followed the speech by Federal Reserve Chairman Ben Bernanke which, by its absence of intimations of more imminent easing, gave investors reason to believe that the Fed’s previous assurances might now be on the back-burner. On OpenBook, gold is exceptionally active, dominated by buyers stepping in to buy on the dip. Read more
