PRECIOUS-Gold falls into bear market territory

Gold market update for Friday, April 12. Gold is down sharply this Friday, dropping by over $70 per ounce. It’s headed for a 5% drop on the week, and in fact entered bear territory for the first time since last May. Several factors are combining to put pressure on gold, including bearish sentiment from big investment houses like Goldman Sachs and announcement of a plan in Cyprus to sell some of the country’s gold holdings. Other commodities and markets are down on Friday, so gold isn’t necessarily alone. Silver is also down sharply, as well as oil and other commodities. Read more…