Gold's Deepening Gloom

Precious metals investors took another beating last week. The price of gold plummeted $29.10, to $412.10 per oz. Since it reached a peak of $850 in January of 1980, gold has steadily lost more than half of its value. Silver's slide, from a 1980 record of $50.35 per oz., has been even more precipitous. Its price plunged 9% last week to $8.40 per oz.

The continuing drop reflected the strength of the dollar, which last week reached its highest level against the British pound in three years and bought more French francs than at any time since the end of World War...

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