, Columnist
Gold's Fall Won't Drive It Below $1,700 Again
It only takes a small shift from equities and bonds to swamp precious metal markets.
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Has gold’s bubble just burst?
The spot metal fell 5.7% Tuesday, the sharpest drop in seven years and a remarkable slump for an asset that rarely shifts more than a percentage point in a day. It fell further Wednesday, as low as $1,863 an ounce, breaking the back of an extraordinary rally. Since smashing through a long-term ceiling of around $1,350 a troy ounce last June, it had risen to a record of $2,064 an ounce earlier this month.