Gold Prices Plunge
Wow. Gold isn’t safe now? Great…. Guess we’re back to buying ammo.
Check it out:
Gold continued to take a battering on the spot market Monday, shedding nearly another $100 per troy ounce after weaker than expected data on Chinese first quarter growth sparked a new wave of selling on concerns that China and India, the world’s two biggest buyers, may slow purchases.
Around midday in Europe, spot gold was down 5.2% at $1,404 a troy ounce, having earlier tumbled around $95, or 6.4%, to a two-year low at $1,385.88/oz. This follows Friday’s rout, when the metal fell 5%, pushing it into bear-market territory.
Gold prices have plunged some 11%, or $170 an ounce, over the past week.