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.

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