Last 11 years the gold has been considered as a reliable asset. The quotes elevation of precious metal were pushed up by the inflation, the debt crisis deepening and the global downturn in general.


However, amid the worsening situation in Europe, the gold had lost 0.5% in price for April and is on the downside presently. On Friday the troy ounce was trading at its 4-month low of 1580 US dollars.


What is the matter? The leading economists of Macrostrategy declare that the program of long term refinancing operations of the European Central Bank has created a soap bubble by all asset categories - shares, bonds and commodities. Political uncertainty related to elections in Greece and France, and the crisis deepening in Spain made the bubble blow out.


The analysts suppose that Spain will follow Greece. In the nearest time especially amid further economic easing, the time will come when country is not able to serve its sovereign debt.


At that moment it will ask for help the European Union and the International Monetary Fund. Such scenario raises the sales of commodities and gold in particular.