Thursday, December 15, 2011
Gold prices take pounding
The price of gold has dropped this week to below $1600 an ounce, down from $1800 in early November, amid predictions it could go lower in the short term.
The sell-off is attributed in part to year-end tax selling and profit-taking among other factors.
But some analysts are still predicting that long term, gold prices could set new records.
Silver also has taken a battering in recent weeks but industrial demands are causing some to predict a resurgence in prices.
at 7:23 AM