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Gold Plunges Nearly 5% as Dollar Surges, Traders Cash Out After Record High

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Gold prices sank Tuesday in their steepest one-day drop in years, sliding almost 5% as a surging US dollar and heavy profit-taking halted the precious metal’s record-setting run above $4,300 an ounce.

As of noon Tuesday, gold futures were trading at $4,143.90 per troy ounce, down $215.50, or 4.94%.

The decline followed Monday’s close at $4,359.40, when the metal hit a fresh all-time high.

The selloff marks gold’s sharpest single-session decline since April 2013 and its first meaningful correction after a monthslong rally fueled by safe-haven buying and expectations of Federal Reserve rate cuts.

Prices opened at $4,371, climbed briefly to a high of $4,393.60 — and then slid steadily through morning trading to a low of $4,090 before stabilizing. (Read more from “Gold Plunges Nearly 5% as Dollar Surges, Traders Cash Out After Record High” HERE)

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$15,000 Gold Price? Experts Give Forecasts (VIDEO)

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Gold prices have hit all-time highs, but industry heavyweights Jim Rickards, best-selling author, and Peter Schiff, CEO of Euro Pacific Capital, both think that the rally is far from over.

Rickards’ analysis points the gold price to $15,000 by 2025.

“I would put [gold at $15,000 an ounce before 2025,” Rickards told Kitco News. “If you just take the average of the prior bull markets: 1971 to 1980, nine years, 2200%, 1999 to 2011, a twelve-year bull market, about 700%. Just take the average, you don’t have to go to the higher of the two or extrapolate, if you just take the average of the two you would say the next bull market is going to be a little over 10 years and it’s going to go up 1500%,” he said.

$15,000 is the implied, non-inflation price of gold should a gold standard be adopted, theoretically speaking, said Rickards. (Read more from “$15,000 Gold Price? Experts Give Forecasts (VIDEO)” HERE)

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