As China Buys, Sellers Push Gold Down To 4 Month Lows

Tyler Durden's picture

Gold just lost the $1600 handle for the first time since January 5th and is suffering its biggest one-day loss in over two months as Europe's meltdown is driving broad liquidations. Are hungry Chinese central bankers more than happy to soak up the precious metal at a discount from levered longs liquidating into the European fiasco?

 

Chart: Bloomberg