“A price fall of such magnitude hasn’t been seen in November since 1978, according to data from the World Gold Council, when prices plunged 20 percent.  Spot gold rested at $1,252 an ounce on Friday and was headed for its biggest monthly drop since June. It has lost over a quarter of its value year-to-date, putting it on track to post its first annual loss in 13 years.  Citi said this month that gold was about to enter ‘phase two’ of its bear market and its downside target for the metal is now $1,111 per ounce. Goldman Sachs, meanwhile, predicts a ‘significant decline’ in gold in 2014, with a fall of at least 15 percent.”

http://www.cnbc.com/id/101235384

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