Gold, precious metals plunge on world markets

Gold prices plummeted Monday 6.3 percent to a three-year low of $1,384.69 per ounce – then rising to $1,409.26 – on figures showing a drop in Chinese consumer spending and large sales by the European Bank and Cyprus, which dumped precious metals to finance its international bailout.  The experts talk of panic selling everywhere and predict gold will continue to sink to a new low of $1,300 per ounce by the end of the month.