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After months of setting record after record, the price of gold plunged $104, or 5.6 percent, Wednesday to finish at $1,757 per ounce. That was the biggest percentage drop in nearly 3½ years and a blow to investors who thought the metal could go only one way — up.
"Gold was considered a safe haven for years because it wasn't popular, but now it's popular," said Cetin Ciner, a professor of finance at the University of North Carolina-Wilmington. "You can't have a fad and a safe haven at the sa
The danger of investing in gold is that the metal has no intrinsic value. It doesn't pay interest like a bond, or represent a share of a company like a stock. It is only worth what people believe it's worth, and that means that prices can rise and fall based on emotion.