Economics
Gold Erases 2014 Gains as Silver Slumps to 55-Month Low on GDP
This article is for subscribers only.
The more the U.S. economy improves, the worse things get for gold.
Bullion fell below $1,200 an ounce today, erasing its gains for the year, after the government reported that the U.S. grew at a faster pace than analysts forecast in the third quarter. A stronger economy is validating optimism that prompted the Federal Reserve to say yesterday that it will stop buying debt, further diminishing the appeal of precious metals an inflation hedge. Silver tumbled to a 55-month low.