MELTDOWN: Gold Plummets to 2-Year Low!
The yellow metal below $1,300/ounce, down 4.5% today. This is the lowest level in over two years.
Here’s an intraday look at the gold prices via FinViz.com.
Gold Tumbles to 2 1/2 Year-Low After Fed as Silver Plummets
Gold fell below $1,300 an ounce to the lowest in more than 2 1/2 years in London, exceeding April’s drop into a bear market, after U.S. Federal Reserve Chairman Ben S. Bernanke said stimulus may be reduced later this year as the economy recovers. Silver dropped to the lowest since 2010.
Bernanke said yesterday the central bank, which buys $85 billion of Treasury and mortgage debt each month, may begin reducing purchases this year and end the program in 2014 should the economy continue to improve. The dollar rose to the highest in more than a week against six major currencies and the 10-year yield on Treasuries reached a 22-month high. Commodities dropped.
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