Gold Having An Ugly Few Days

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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.

Monex Live Gold Price

Sam Rolley

Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After covering community news and politics, Rolley took a position at Personal Liberty Media Group where could better hone his focus on his true passions: national politics and liberty issues. In his daily columns and reports, Rolley works to help readers understand which lies are perpetuated by the mainstream media and to stay on top of issues ignored by more conventional media outlets.