Gold Having An Ugly Few Days
Amid concern that the economically battered island nation of Cyprus will sell off excess reserves in order to finance a $13 billion international bailout, gold entered a bear market Monday for the first time in more than a decade.
Hitting its lowest level since March 2011, gold plummeted 9 percent Monday below $1,400 per ounce. The gold drop was preceded by a 5 percent plunge on Friday. The precious metal is down nearly 28 percent from its all-time high of nearly $1,900 last year.
Though the gold price drop has caused panic among some, gold loan player Muthoot Finance downplayed the plunge as having minimal impact on the long-term value of gold.
Sam Rolley Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.
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