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Fox Business: Gold Bugs 'Panicking,' Selloff To Continue: Analysts

Excerpts from the article. . .

Gold bugs thrive on a sense of panic to push their view that gold is the safest investment of all. But who�s panicking now?

On Monday gold saw its biggest decline in 30 years as institutional investors, mostly mutual funds and the like, dumped the precious metal like a load of dirt.

And hedge funds have reportedly been betting on a gold decline for months, foreshadowing the steep decline of the past few days

�It�s difficult to say with gold what the actual value is. It�s not an industrial-based commodity. It�s worth what people say it�s worth,� Schork said.

�There�s blood in the water,� said Schork.

Blood in the water is usually a buy signal, but I want to wait for the market to find the bottom. Better to buy at a little higher price on the rebound than to jump in too early and become part of the blood bath.