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Gold Slumps as US Politicians Talks

October 12, 2013 at 4:26 by Vladimir Vyun

Gold sank as hopes for an end to the US budget stalemate continued to erode the appeal of the metal as a store of value. President Barack Obama and House Republican leaders were talking about a plan to temporary increase the debt ceiling as a measure to avoid a default on October 17. It looks like the President is going to agree with the proposal.

COMEX halted trading for the most-traded contract after the $20 slump for about 10 minutes. It looks like nothing short of a miracle can turn gold to the upside. The metal has declined 23 percent in 2013 and it will very likely be a bearish year for gold.

December futures for delivery of gold tumbled as much as $28.7 (2.21 percent) to settle at $1,268.2 per troy ounce on COMEX.

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