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Gold prices plunged to their lowest level since 2011 and into bear market territory Friday, dropping below $1,500 per troy ounce, according to CNBC. Many investors have long regarded gold as one of the safest financial assets, and prices had soared in the last decade, reaching a high only two years ago. But its value is sinking quickly, raising concerns for wealth investors. The New York Times blames this sharp decline on the recent upswing of the economy, encouraging investments in other markets, and The Street.com reported that recent reports about Cyprus selling gold reserves to help finance its bailout could help explain the drop. Both Goldman Sachs and Deutsche Bank lowered their forecast for the precious metal this week, CNN Money reported, and analysts encouraged others to follow suit as the economy grows and gold's performance proves lackluster.
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