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GOLD SINKS BELOW $1500

Matthew BoeslerApr 12, 2013, 20:32 IST

Gold has taken three sharp declines this morning: once around 5 AM ET, again around 8:15, and then again around 10:30.

Despite weaker than expected retail sales figures and plummeting consumer confidence in the United States, it's down 4.5%, trading near $1494 per ounce. (Silver is also getting slammed – it's fallen 5.4 percent this morning.)

The shiny yellow metal hasn't traded below $1500 since July 2011.

Meanwhile, oil is getting whacked for the second straight day. It's off 3 percent.

The chart below show's this morning's action in the gold market.

ThinkorswimClick to enlarge