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Gold Plummets Amid Worst 2014 Trading Day as Stocks Surge

Joe Deaux
7/14/14 3:41 PM EDT
Gold futures posted their worst intraday session in 2014 after strong earnings and downbeat forecasts triggered a deep selloff, Gold for August deliver settles down $30.70 to $1,306.70 an ounce at the New York Mercantile Exchange after strong earnings by Citigroup boosted stocks on Monday. RBC Capital Markets precious metals strategist George Gero tells TheStreet: "The triple digit move up in stocks was the straw that broke the camels back." Gero adds, "Before the opening you saw Citi beat the earnings estimates and a big jump in the S&P 500...and that was enough of a catalyst to bring in sell stops." TheStreet's Joe Deaux reports from New York.
Stock quotes in this video: GLD, IAU, SGOL

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