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Gold tumbles as stock markets rise

The announcement of a raft of promises from the G20 has today impacted upon stock markets around the world and the price of gold. For many years gold has been seen as a haven during difficult times although with stock markets now reacting more positively to the worldwide attempt to refloat the economy the price of gold has been impacted. We have seen stock markets in the UK rise by 9.6% in the last three days and gold fall around 5% in the same period. So can we trust the G20 promises?

It is interesting to see that after so much debate and suggestion that all is not well at the G20, a significant raft of promises and financial packages have been agreed. The main winners today were the mining stocks with a suggestion that as and when the worldwide economy picks up we will see more demand in this area. The strength and depth of the G20 announcement caught many analysts by surprise although we have been here before on a number of occasions.

As with many political moves around the world, the proof is very much in the pudding and we await the small print and confirmation of exactly what will happen, in due course.

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