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Gold is down 6.4% to $1,552 an ounce, taking its losses over the past 4 days to 13.8%. It has shed 19% since hitting its intraday high of $1,920 just three weeks ago. Silver is also getting hammered. The metal is down 13% on Monday to $26.95 an ounce, taking its 4-day slump to 32%. Both metals were even lower into the Asian market close.
Investors are scrambling to raise cash across markets and asset classes as traders fret that a lack of progress in finding a solution to contain the euro-zone fiscal crisis threatens the health of the global economy.
