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How low will gold go?

The December gold futures contract fell into the proverbial elevator shaft Wednesday morning with a bloodcurdling $25 drop to $1,260 (U.S.) per ounce in a matter of seconds. This continues a multi-week pattern of weakness in precious metals markets that has seen the gold bullion price fall 3.5 per cent. The news is all the more surprising given that another alternative form of money, Bitcoin, rocketed higher – before inevitably collapsing, of course.