Pacific Money

Gold Loses Its Glitter

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Pacific Money

Gold Loses Its Glitter

After 12 straight years of gains, is the bull market for gold dead?

Gold enthusiasts have had a week to forget after the precious metal posted its largest ever daily decline, slumping 12 percent in two days of panic selling. Bullion’s dove to two-year lows and at US$1,400 an ounce the price well below its 2011 high of US$1,920, with 2012 forecasts of new highs above US$2,000 seemingly crushed.

Monday’s US$110 fall was its biggest drop since 1980, and the traditional “safe haven” asset could even hit a new low around US$1,245, according to some analysts.

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