Gold Prices Plummet in June Despite Surge in New Gold Investing
Gold prices suffered their steepest drop in nearly two decades in June, falling 7.6% from May to $4238 per troy ounce.
The lowest since November, this month-average price also came 15.6% below February's all-time high, the steepest 4-month drop since spring 2013's post-financial crisis gold crash.
Despite this decline, new gold investing jumped by more than one-fifth in June on world-leading marketplace BullionVault, with unseasonal strength in first-time investing leading the charge.
The number of private investors buying the precious metal rose 21.3% from May's 6-month low, while the number of sellers increased 19.1% from a 9-month low.
According to Adrian Ash at BullionVault, most likely to sell were investors who first chose to buy gold during the past two years' record run of new record prices.