Gold prices plunged further Monday, along with similar declines in global equity markets, as investors jettisoned certain assets in order to cover mounting losses in stocks that have given back some $14 trillion in value over the past month.

Spot gold prices dropped to $1,466.40 per ounce, marking an 8.4% decline from its recent $1,600 peak and the first slide below $1,500 so far this year. Gold eventually found buyers and traded back above $1500 an ounce.

While Gold’s decline is surprising since as a safe-haven asset, it typically rises during times of financial market stress, as well as when global interest rates are declining, the scramble for cash-convertible assets is on.

“It’s a bloodbath across asset classes. We’ve seen what’s happening here with equity markets…we’ve seen how gold can sell-off with equities in the prior week,” Bill Baruch, president of Blue Line Futures said.

Thus with U.S. stocks in essentially free-fall, and global markets plummeting to the lowest levels in years, investors could be deciding to sell liquid or profitable assets such as gold in order to meet margin requirements on losses in other markets, despite their reservations stocks will eventually bounce.

“When people cannot sell what they want to sell, they sell what they can sell,” Allianz’s chief economic advisor, Mohamed El-Erian, told CNBC Monday as he warned of market dislocation in the coming session.

While the lustrous metal may have taken a beating on Monday, medium to long-term, prices should recover to eventually reach new highs, said Baruch.

“There is going to be a bottom here, there is going to be a tremendous buying opportunity. In fact, in my morning note to clients, I made a point to say that I feel very confident that gold is going to be setting a new record high in the intermediate or long-term,” Baruch told Kitco News. “Once gold stabilizes and other asset classes stabilize, you’re going to be able to ride the wave higher.”

The bounce from the lows below $1460, to above $1510 as of 5 PM EST could be evidence of such bottom-picking.

According to experts, one place that gold bugs might consider looking in the interim is gold stocks.

“Gold bullion went negative for the year as of Friday, as investors liquidated their holdings to ride out the volatility. And although they haven’t sold off as deeply as the rest of the market, gold mining stocks look cheap now, meaning it may be time to consider adding to your exposure,” according to Frank Holmes, CEO and chief investment officer of U.S. Global Investors, which offers the U.S. Global GO GOLD and Precious Metal Miners ETF (NYSEArca: GOAU).

“We could see very attractive revenue and cash flow from gold mining stocks this quarter,” he added.

For more information on the precious metals market, visit our precious metals category.