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Saturday, 13 April 2013

No More Shine? Gold Plunges Into Bear Market Territory

CW8888: Market cycle. Gold is no exception too.
GOLD 1501.40 ; -63.50 -4.06%

By: CNBC Executive News Editor

Source: World Gold Council
Gold plunged into bear market territory Friday, as a fierce selling wave swept across commodities markets and shorts raised their stakes.

Gold tumbled four percent and fell below $1,500 per troy ounce for the first time since July, 2011. It officially entered bear market territory Friday, down more than 20 percent from its August, 2011 high of $1,891.90.

Silver futures lost nearly five percent to $26.30, and it is now 45 percent below its April, 2011 to high. Oil fell more than 2 percent, with West Texas Intermediate breaking through a support level at around $92 per barrel.

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