(CNBC) Gold prices continued to plummet Monday on concern that Cyprus will have to sell excess reserves of the precious metal to raise about $522 million to help finance that country’s $13 billion international bailout, Dennis Gartman, editor of The Gartman Letter, told CNBC.

“There are a lot of people throwing up their hands. Throwing positions overboard. Panic is everywhere,” Gartman said in a “Squawk Box” interview on Monday. “I’ve never seen anything like this. I mean it.”

Gold prices broke below $1,400 Monday, their lowest level since March 2011. “Here we are under [$1,400],” Gartman observed. “Who would have thought it? Not I.”

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