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Gold set to break under $1,300

Sep. 13, 2013 7:50 AM ETGLD, IAU, SLV, DBS, DGL, DGP, DZZ, DGZ, USV, UBG, UGL, GLL, AGQ, ZSL, SGOL, SIVR, PHYS, AGOL, UGLDF, DGLDF, USLVF, DSLVF, GLDI, SLVOBy: Stephen Alpher, SA News Editor
  • The action is again in precious metals where gold looks like it may break underneath $1,300 again. The metal's off 1.5% to $1,311 per ounce. Silver's down 2.1% to $21.68.
  • Today's excuse for selling looks to be he rumored imminent nomination of Larry Summers to be Fed chief. Summers brings with him what is assumed to be a more hawkish attitude than his competitor for the job, Janet Yellen, and he's made clear his ambivalence about the efficacy of the QE program.
  • GLD -0.8%, SLV -0.8% premarket.
  • ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDISLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.

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