GOLD BREAKS $1200

AKIN OYEDELe

 OCT. 30, 2014

REUTERS/David Gray

Gold fell below $1,200 an ounce.

Prices slid from Wednesday’s high of $1,216.50 to as low as $1,195.50 minutes ago.

Thursday’s sell-off comes after the BEA reported the US economy grew by 3.5% in Q3, beating expectations for just 3.0% growth. 

The yellow metal was once widely considered a safe-haven investment. However, the price of gold has performed dismally in recent years.

Gold briefly dipped below $1,200 earlier this month.

“Gold gets dug out of the ground in Africa or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.” That’s what Warren Buffett said back in 1998.

Here’s a chart from FinViz showing the decline in the gold price this morning:

FinViz

And here’s the ugly chart for silver trading down to a 55-month low:

FinViz