Daniel Pavilonis, senior commodities broker with RJO Futures, said he sees further weakness for gold.
FORBES: METALS OUTLOOK: Europe, Global Economic Growth May Dominate Headlines Again Next Week
Joe Harroun, a consultant at commodities broker Advance Trading in Bloomington, Ill.
"This is panic, this it isn't organized at all, " said Phil Streible, a senior commodities broker at RJ O'Brien Futures.
Bob Haberkorn, senior commodities broker, RJO Futures, said the short-term trend in gold is down, although longer term he still likes gold.
An agreement would be expected to underpin the euro, thereby helping gold, said Gero and Daniel Pavilonis, senior commodities broker with RJO Futures.
FORBES: Gold Market Expected To Focus On Greece, Fiscal Cliff, Fed Speakers Next Week
"I'm sure there are a lot of margin calls being triggered and positions being blown, " said Bob Haberkorn, senior commodities broker with RJO Futures.
Besides the Chinese data, gold and other commodities also are drawing support from a softer U.S. dollar, said Bob Haberkorn, senior commodities broker with R.
FORBES: Chinese Data Sends Some Base, Precious Metals To Highest Levels In More Than A Month
"There's a tug-of-war going on as to which one is going to be the ultimate benchmark, " said Michael Sabo, senior commodities broker at RJO Futures.
Some of the weakness was tied to several analysts downgrading expectations of forthcoming U.S. fourth-quarter gross domestic product after the release of monthly trade data, said Dan Pavilonis, senior commodities broker with RJO Futures.
FORBES: METALS OUTLOOK: Uncertainty Still A Hallmark For Gold; Market May Hold Range Bound
Lee Partners, has lost hundreds of millions of dollars on Refco, a futures and commodities broker that went bankrupt last month, and may therefore be more interested in selling its stake in Warner Music.
Phil Streible, senior commodities broker at R.
FORBES: Major Of Survey Participant See Gold Rising Next Week
Phillip Streible, senior commodities broker, R.
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The CFTC said Wednesday that the New York firm, a securities broker, commodities trader and provider of risk-management services, failed to put in place adequate risk policies and controls in 2008 and early 2009, a period that included the depths of the financial crisis.
Mr Stone said because the same commodities can go round and round from importer to export broker and back again, the scam is known as a carousel fraud.
Frank Lesh, futures analyst and broker at FuturePath Trading said after selloffs or moves of this magnitude, he looks for most commodities, including gold, to develop a trading range.
FORBES: METALS OUTLOOK: Gold Could Stabilize Next Week, But Analysts Cautious
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