Gold Rampage: Head For The Hills

Gold shed $60 in a day. Guess who is laughing all the way to the bank? Hot money from hedge funds, which primed the metal, or the US government, which capitalized on the emotions of speculators to sell off its own horde of the metal? Don’t say we didn’t warn you. Get ready now for the carnage.

Gold price, which has been trading at record levels lately, had its biggest one-day drop in a year Friday. The yellow metal plummetted more than $60, erasing one-seventh of its entire rally for all of 2009 in one single trading day.

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