Conjecture about German Chancellor Angela Merkel preparing for Greece to default prompted stocks in Europe and Asia to fall as the Aegean nation continues its travails and inability to escape the clasp of the sovereign debt crisis tearing through the euro zone.
"The margin clerks will be sharpening their knives today and will take dead aim even upon gold if that is where they think they can find liquidity," states the Monday edition of the Gartman Letter, a Southeast Virginia newsletter edited by economist Dennis Gartman. A handful of investors "will argue that gold will prove valuable and will hold its value even as stock prices plunge, and in the long run they may well be right."
At 9:17 a.m. on Monday, gold futures dropped 1.01 percent, an $18.80 slip to $1,840.70 per troy ounce.
Reuters reports the European equity markets scraped their lowest values in more than two years as fears about the deepening sovereign debt crisis widened.
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