Gold tumbles to 2½-year low in Fed bloodbath

NEW YORK (MarketWatch) — Gold and silver futures closed at their lowest levels in more than 2 ½ years Thursday, a day after Federal Reserve Chairman Ben Bernanke said the central bank could move as early as this year to slow the flow of monetary stimulus to the economy.

Although Bernanke emphasized that the Fed’s moves would be dictated by economic data, “there seems to be a pretty broad expectation that [quantitative easing] is coming to an end in the next year or so,” said Peter A. Grant, chief market analyst at USAGOLD.

I had bought gold when it was $1,850 / Oz. Right now it is around $ 1,300 / Oz. Almost 30% loss so far.