Price of gold plunges
Image courtesy of goldalert.com
So much for that weak dollar, huh? The Bitcoin craze may finally be peaking and now another "alternative" currency is plunging too: gold.
Gold, which in its defense is at least a tangible asset, sank 4% Friday and was briefly below $1500 an ounce. Gold has fallen out of favor lately as stocks have continued to surge. Several Wall Street banks slashed their gold price targets earlier this week.
The sell-off in gold shouldn't come as a huge surprise, although the magnitude of it is stunning. Gold often does well in times of extreme fear (not happening right now) or when investors are seeking a good inflation hedge.
And even though there are some investors who feel the Fed's quantitative easing programs will eventually spark a nasty bout of inflation, that seems well off into the future.
For the complete CNN Money story, go here.