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Gold tumbled into bear-market territory on Friday, underscoring how money managers' search for yield has trampled one of the most resilient post-financial crisis wagers.
Friday's selloff bolstered expectations that 2013 might mark the end of gold's 12-year bull run. Gold fell $63.30, or 4%, to $1,501 a troy ounce on the Comex division of the New York Mercantile Exchange, after falling as low as $1,480.20 during the day. It was the lowest close since July 2011 and the biggest one-day decline in dollar and percentage terms since February of last year. Gold fell 4.7% for the week.
A bear market is defined roughly as a 20% drop from a recent peak. Gold hit a record of $1,888.70 an ounce in August 2011, a month when jitters about the euro-zone's debt load were ramping up and Standard & Poor's Ratings Services yanked the U.S.'s triple-A rating.
I thought Glenn Beck guaranteed gold would continue to rise, all the way until the Rapture?
It will. Corrections are to be expected. Gold is a hedge against inflation. Inflation is next. I have about 10% of my portfolio in gold. I'm thinking I might make that 15% with gold down. It's tempting to buy more.
Ever hear those radio commercials promoting gold as a retirement investment and you should invest in gold, because it might hit $5,000 or $10,000 an ounce? ... I think it is a crock.
I thought Glenn Beck guaranteed gold would continue to rise, all the way until the Rapture?
I think 2 or 3 years ago he made that prediction the same time he said bread would be a $25 per loaf within a few months.
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