Too soon to call a bear market?
The spot gold price closed at $1,640 on Monday, the lowest closing price since 21 August 2012.
Gold's latest retreat comes as G7 officials issuemultiple – often contradictory – statements in an attempt to tackle the prospect of intensifying currency wars amid a G20 finance ministers and central bankers meeting in Moscow.
The G7 most highly industrialized nations – recently most notably Japan – are using monetary policy to become more competitive by devaluing their currencies.
The tactics employed by the US and others which include near-zero interest rates and asset purchases under quantitative easing or QE programs have led to howls of protest from emerging markets like Brazil and retaliatory measures by China. ...