It is pretty clear that gold has its detractors in the mainstream press, and this next article is so over the top as to be an hilarious object lesson in the art of gold bashing.
It all starts with the title itself and gets funnier quickly.
US gold ends down $1, fails to break above $1,000
First of all, gold ended UP on the day by $2.80, not down. Second of all, you’d never see a similarly worded headline for, say, a favored stock which had just finished the week up 35 bucks. Can you imagine if Google went from $400 to $414 for the week reading the headline “Google fails to break above $415?” I can’t either.
Here’s the rest:
Opening paragraph ( all emphasis mine):
NEW YORK, Sept 4 (Reuters) – New York gold futures ended $1 lower on Friday as strong investment demand failed to push prices over the psychological mark of $1,000 an ounce, and traders said the metal could be vulnerable to near-term profit-taking following a sudden rally.
As I already mentioned, gold ended the day up, not down. There’s a difference. And then we might note that gold is characterized as “vulnerable,” and that it failed to push over a psychologically important level. That’s not news; that’s barely even opinion.
* Concerns about equities market, as well as inflation worries after massive government spending to jolt the economy out of recession fueled a highly speculative gold rally – Bruce Dunn, vice president of trading at New Jersey-based Auramet Trading.
by former_user