The price of gold fell to its lowest in three weeks

The price of gold fell to its lowest in three weeks, as a signal that European banks have the funds until the end of the year, thus eroding the concern that the crisis in the region could get worse.

European Central Bank (ECB) in coordination with international policy makers, providing loans in the form of U.S. dollars to banks as an aid in the face of the credit crisis. Conversely, stocks actually go up in the United States and Europe, along with Germany and France to ensure that Greece would remain a part of the European Union. Moreover, China plans to buy bonds in Euro.

"(The decline in gold prices) this is a sign of a spontaneous reaction to the statement of the ECB, where people see that as something positive for the European economy," said Frank McGhee, acting as Head of Sales Brokerage Services in Chicago, as quoted by Bloomberg, on Friday (16 / 9 / 2011). According to Frank, the ECB has to find means of relief from the credit crisis.

In trading on the Comex, New York, at 1:56 PM local time, on the trading price of gold futures for December delivery fell 45.10 U.S. dollars or 2.5 percent, to position the price of 1781.40 per troy ounce (equivalent to 31.1 grams). Earlier, gold had touched lows on August 26, 2011, at the position of U.S. dollars 1775 prices.

Meanwhile, a similar opinion also stated James Cordier, as the Founder Optionsellers.com in Tampa, Florida, USA. James argues, guarantees from France and Germany is certainly a major catalyst in bad shape today. "China certainly has had a check book to help Greece in the short term problem," explains James.