Donate to the Q13 FOX Cares and Les Schwab Holiday Toy Drive

Price of gold plunges

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.
gold

Image courtesy of goldalert.com

So much for that weak dollar, huh? The Bitcoin craze may finally be peaking and now another “alternative” currency is plunging too: gold.

Gold, which in its defense is at least a tangible asset, sank 4% Friday and was briefly below $1500 an ounce. Gold has fallen out of favor lately as stocks have continued to surge. Several Wall Street banks slashed their gold price targets earlier this week.

The sell-off in gold shouldn’t come as a huge surprise, although the magnitude of it is stunning. Gold often does well in times of extreme fear (not happening right now) or when investors are seeking a good inflation hedge.

And even though there are some investors who feel the Fed’s quantitative easing programs will eventually spark a nasty bout of inflation, that seems well off into the future.

For the complete CNN Money story, go here.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

1 Comment