Gold just hit a 5-year low
Gold just hit a five-year low.
On Friday morning, the precious metal fell more than 1% to as low as $1,129.80 an ounce, the lowest since 2010.
In a morning note to clients on Friday, Accendo Markets wrote: "Gold ($1,144) lower yet again after the German conservatives voted to start talking about the details of a third Greek bailout while Grexit plans were locked away for the time being. So when investors are confident, they sell gold; when they're worried, they don't buy it. A strong US dollar with all this talk of interest-rate hikes likely contributing to gold's seeming change of purpose of late with the three-month downtrend intact."
On Friday, China disclosed how much gold it's holding for the first time in six years. Its reserves rose 57%, and it is now the fifth-largest holder of gold.
Gold mining stocks are getting slammed. Shares of Barrick Gold Corporation, the largest gold miner in the world, fell more than 5% - the lowest in 24 years. Newmont Mining shares fell 2%.
Here's a chart showing the slide Friday morning:
And here's a five-year chart of the price of gold:
_edited-1.jp2)