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The only hope for gold is a good ol’ crisis

Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.

Gold is teetering on the brink of a precipitously high cliff. That some U.S. Federal Reserve officials are reluctant to press on with the bank’s quantitative easing was enough to knock it to a seven-month low. What an actual end to QE would mean is not something gold investors want to hang around to find out. Though it may be near to a ledge now, the metal’s medium-term downside looks deep.