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Gold selloff intensifies

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Log outSign In FAQStory HighlightsGold plunges more than 8% Monday, after 5% drop FridayMetal safe haven status in doubt as "selling pandora sale begets selling"One analyst says gold bubble is "now popping"

The bear market in gold intensified Monday with frenzied selling knocking the yellow metal down more than 9% and below the key $1,400 per ounce level.

Investors' trashing of gold Monday follows a 5% plunge Friday. Gold closed down $140.40 for the day, settling at $1,361 an ounce, according to CME Group. That's a loss of 9.35%, worst one day percentage decline since 1983.

Earlier in the day it fell as low as $1,355.

Gold, often viewed as a haven in tough times and a hedge against inflation, is down more than $527 from its all time high of $1,888.70 on Aug. pandora charms sale clearance 22, 2011.

That 28% drop from its all time high puts gold deeply in bear market territory. It is gold's worst bear market drop since a 39% plunge Jan. 2, 1996, through Aug. 25, 1999, according to Bespoke Investment Group. The average gold bear market has sliced nearly 32% off gold's price, according to Bespoke.

FIRST TAKE: Selling shows concern about global economy

On Monday, a slowdown in Chinese economic pandora uk sale growth added to doubts about the strength of the world economy and raised the specter of a deflationary environment taking hold. It also raised fears that Chinese consumers, who are big buyers of gold jewelry, would buy less. Hedge funds typically use leverage, or borrowed money, pandora outlet to boost their profit potential. But it pandora charms cheap also forces selling pandora jewelry 70% off clearance when prices drop sharply and they are asked by lenders to put up more collateral.

In recent years, an increasing number of investors, big and small, have started to treat gold as a key "asset class" in their asset allocation, and have upped their stakes in gold as a result.

Suttmeier says the heavy selling has the feel of a bubble bursting, adding that rumored selling by the nation of Cyprus to meet obligations to European financiers is intensifying the downdraft.

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