Gold on Thursday was making the pummelled North American stock market look almost stable by comparison. Gold fell to $1063.45 (U.S.) an ounce, down a whopping $46.35, or 4.2 per cent. To find a bigger dollar or percentage loss, you would have to go back more than a year, to Dec. 1, 2008, when gold fell 6 per cent in a single session.
The overall decline since early December, when bullion traded above $1215 an ounce, now stands at 12.5 per cent - a correction according to just about anyone's definition.
Not surprisingly, the U.S. dollar is moving in the opposite direction, suggesting that freaked-out investors continue to run into the world's reserve currency at the slightest hint of danger, rather than into gold. According to Bloomberg News, the U.S. dollar rose against the euro to its highest level since May.
The Canadian dollar fell 0.8 cents against the greenback, to 93.3 cents - the lowest level since mid-December.