Cyprus Will Sell €400 Million Of Gold Reserves To Bail Out Its Banks

Reuters is reporting that Cyprus will raise 400 million euros by selling part of its official gold reserves in order to finance a bailout of its banks.

Gold has been taking a beating in today's trading session. Right now, the shiny yellow metal is down 1 percent, near its lowest level of the day.

http://www.businessinsider.com/cyprus-to-sell-gold-reserves-for-bailout-2013-4