UH OH UH OH UH OH WHOA: REUTERS: Gold hits 5 year low on Chinese selling

Gold hits five-year low under $1,100 on Chinese selling:

Gold prices plunged as much as 4 percent to their lowest in more than five years on Monday as sellers in top consumer China offloaded the metal. Investors have been finding less and less reason to hold gold as an insurance against risk, with the dollar strengthening ahead of what is expected to be the first increase in U.S. interest rates for nearly a decade. Spot gold XAU= fell $45.55 to its weakest since March 2010 at $1,088.05 an ounce shortly after the Shanghai Gold Exchange opened, with volumes soaring to a record.

CHINA IS SELLING BECAUSE CHINA NEEDS CURRENCY AND CHINA NEEDS CURRENCY BECAUSE THEIR STOCK MARKETS AND REAL ESTATE MARKETS ARE CRASHING WITHOUT CHINESE GOVERNMENT SUPPORT AND INTERVENTION.
WELL:

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