Gold Price Plunges 5.6%, Tarnishing Safe-Haven Image

By Alex Ferreras on August 26, 2011 in Personal Finance

Maybe gold isn’t so safe after all. After months of setting record after record, the price of gold plunged $104, or 5.6 percent, Wednesday to finish at $1,757 per ounce. That was the biggest percentage drop in nearly 3 1/2 years and a blow to investors who thought the metal could go only one way – up.

“Gold was considered a safe haven for years because it wasn’t popular, but now it’s popular,â€