The Price of Gold Continues to Plummet

 
on April 16 2013 11:11 AM
Gold Bars
Gold could be an option for euro zone fundraising. Frank Rumpenhorst/AFP

The gold community has been shook by the steady decline of the precious metal in the past few weeks. Today, things got worse as gold plummeted yet again, this time to $1,3335 per ounce, the lowest it has been in 30 years.

Novagold Resource Inc. New was the only Mining Stock that reported an increase in stock. It reported a 0.76% increase for a total of $2.64. It was also a relatively good day for Nevsun Resources Ltd. whose stock only decreased by 5%. On the other hand,  stock for Kinross Gold Corp. decreased by almost 14%. When it comes to Gold ETFS, Junior old Miners ETF Market Vectors shot down 12.5% while Physical Asian Gold saw their stock decrease by 8.12%.

Although gold seems to be steadily decreasing, many analysts are not advising investors to sell. With a market as volatile as gold, chances are the price of gold will steadily increase. It’s important to note that gold isn’t the only precious metal that is struggling. Silver Standard Resources Inc. is down 13.5% to $7.39 while First Majestic Silver is down 12.72% to $12.21.

As first reported, stop losses have been activated because the price of gold has fallen so drastically. The price of gold continues to fall, stop losses will continue to be triggered.

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