Gold Slumps to $1,500 an Ounce

USA Today reported that gold dropped to the lowest level seen in almost three years on Friday, as investors collectively are worrying about the momentum of the global economic recovery through the spring.

As quoted in the market report:

Precious metal investors appear to losing their confidence in gold as a safe-haven investment from the risks of inflation or a major stock market meltdown. There is also growing concern that as the beleaguered banking sector in Cyprus worsens, citizens and investors there and in other parts of the debt-laden eurozone will ratchet up gold sales to raise cash.

To view the whole USA Today report, click here.