Morgan Stanley: Gold Could Plunge to $800, and It's Not Because of China's Reserves
It's the end of an era
Gold May Slump to $800 on Market Fundamentals, Price Says
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Gold's recent dramatic descent began shortly after China revealed its gold reserves for the first time in six years.
On Sunday evening, gold plunged in thin trading to less than $1,100 an ounce and has been hovering near multiyear lows ever since. While plenty of gold bugs were swift to dismiss the China report as misleading, Morgan Stanley is pointing to longer-term trends that are sending the shiny stuff lower.