Gold sinks 4%, logs lowest close since July 2011

Gold market update for Friday, April 12: Gold has officially entered “bear” territory as its dropped to its lowest level since July 2011. For the week, gold is off by about 5%. Many factors are combining to induce a sell-off, including news of Cyprus selling its gold holdings as part of an EU/IMF bailout. Also, bearish sentiment and changes in price forecasts by Goldman Sachs and other mega-financial firms are weighing on metals as well. With sentiment on the economy on the rise in the U.S., many feel gold is losing its safe-haven appeal. However, other commodities, including silver and oil, were among the losers in today’s broad-based sell off. Read more…