Gold Tumbles, As Nervous Investors Want Greenbacks Instead

One day, we may see a shock economic event, which causes investors to dump dollars and rush to the safety of gold.

But we’re not there yet. For now, we still live in a world where, in times of nervousness, people rush to the familiar green currency that we can make more and more of, and which so many people think will be as valuable as toilet paper.

Reuters: Gold prices tumbled nearly 5 per cent to a one-week low below $1,140 an ounce on Friday as investors fearing debt default in Dubai sought safety in dollars and cash.

Other precious metals also slipped. Silver hit a two-week low of $17.66 an ounce, while platinum and palladium touched one-week lows of $1,418.50 and $351 an ounce respectively.

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