Overseas markets drag down U.S. markets, gold
New York, NY, United States (AHN) – United States markets fell broadly Monday taking the lead from global exchanges. Stocks across Europe and Asia dropped as selling pressure from nervous investors had many exiting equities and buying bonds as new concerns mounted regarding the European debt crisis and new fears reemerged about a Greek default.
In the U.S., news that Broadcom would pay about $3.7 billion for NetLogic Microsystems and the announcement from McGraw Hill that the company would split into two did little to bolster stocks. In early afternoon trading the Dow Jones Industrial Average was off about 140 points.
Even gold, a safe haven for investors from economic uncertainty and financial market stresses, had a less than stellar performance by mid-day. Shortly before 2 p.m., the yellow metal fell $46.50 to $1,813. Profit taking from recent gains and a stronger U.S. dollar were cited as reasons for the drop.
Many gold bulls and traders view any decline in the precious metal as a buying opportunity. Many see gold sharply higher over the next 12 to 18 months. The highly anticipated $2,000 an ounce milestone has anxious investors predicting and hoping for a prolonged glittering performance from the commodity.
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