gold getting smacked to $1600, page-5

Gold has fallen in virtually every currency, possibly except the Euro.

The US initial jobless claims were better than expected 374,000 v's 385,000 which points to better jobs data tommorrow meaning less chance of QE. In addition coments by European Central Bank President Mario Draghi about weakening growth in Europe weakened the Euro and subsequently strenghthened the USD adding to pressure on Gold.

Gold rose back above $1600 on the hope of further QE measures which, except for the BOE, appear to be fading so Gold is retracing.