Gold and Silver Pre-Christmas Sale

Both Gold and Silver have experienced waterfall declines in New York trading, with gold declining $27 from the open and silver declining 60 cents.

Reasons cited for the decline are continuing "fiscal cliff" negotiations and US investors closing out winning positions prior to the end of the year, with many booking capital gains this financial year (US financial year ends 31 Dec) ahead of the expected rise in the US Capital Gains Tax rate in 2013.  

Charts from goldprice.org