Silver, Gold and Platinum Prices Drive Lower

by on May 28, 2008 · 2 comments

Bullion update ...Silver, gold and platinum — all precious metals, for that matter — are experiencing sharp declines this morning.

A slide in crude oil prices combined with a strengthening U.S. dollar are sighted as reasons for bullion declines.

Spot gold has fallen 2 percent, and platinum by 3 percent. Prior to 11:00 a.m. (ET), New York spot silver was at $17.46 an ounce, gold dropped to $897.10 per ounce and platinum was down to $2,049 an ounce. Precious metal futures declined as well.

Tom Michael’s blog over at Numismatic News aptly described the situation,


"Forecasts are becoming more divergent, with some analysts predicting gold over $1000 an ounce during 2008 and others thinking commodities have peaked."


Feeling that "pulse" for the direction of gold is becoming increasingly difficult.

{ 2 comments… read them below or add one }

mickey smith May 28, 2008 at 9:13 pm

There is a good reason for the sharp drop in PM’s prices, just follow the trail of crums left by the Fat Cats, some are so invisable, it’s a joke! Less, our free markets, are not so free! When mamipulation is alowed by Regulators,how can you have a free market? Coin dealers,have had a ggod run,but,if not for price fixing,by buillion banks,hedge funds,& other powers,usesing PM’s to recoup hugh losses made in the Sub Prime,SIV,CDO,Wall Street computer book keeping fraud,PM’s would be a flight to safty! As a small collector,I have seen TV selling ASE’s for prices, I would be ashame to do! PCGS&NGC have graded millions of ASE’s,I would be searching the net,for that missing Coin,but hearing the prices folks payed for ASE’s on TV,showed the Greed,in all markets. A fair Coin Dealer,has the love of Collecting,History,the Chase for a Coin!
Price fixing,has been a problem in PM’s for many years, as a Collector,I try to get the best deal I can,but when you have a small buget,you really have to search! I also,read info from,,the history of Federal Reserve & it’s birth! It’s all a part of history! Will History repeat it’s self? Will this Nation,become a Nanny State? It already is! But, this time can the FED, keep our Founding Fathers,Documents so distorted, that WE AS A NATION,FAIL,TO DEMAND THAT CONGRESS, FOLLOW THOSE LAWS? So far we have faded away,not to Question The Actions,Much Less Bring Them to Face the ACTS,IN A COURT,BY THEIR PEERS,WHY? We,coin collectors,should be the Most out-raged, our Coinage,is Un-Bias,It tells no Lies,Most True Collectors,know when our money started it’s decline in Value,Lincoln comes to mind,but it was 1909 for a Head of State, to be put on a Coin for General Circlation,after that,all Coins where a product of Debasement! This reply was,to address the Sharp Drop in PM’s,We know the cause,but will you do your part? Is it right,to denie that Cartels exist? That We Americans,have let our Goverment,turn our History,Laws,& Lack of In-Forcement of Said Laws, to create a Nanny State! My Military Service to this Nation is Dear to My Heart,As with all the Troops,Deployed Around the Globe!,I wish our Elected Officals,Could Up-Hold, What They Ask Our Troops!Then we would have a free market! URA

Koichi Ito May 29, 2008 at 3:18 am

Remember that U.S. Dollar is a losing currency. So Please stand by or buy more silver or gold bullions as well as platinum or palladium bullions as well. Better store your wealth in Bank Account in Euro or Swiss Franc or Chinese Yuan might do as well. Rest of you, there is Bullion Coins such as Silver, Gold, and Platinum Eagle and Gold Buffalo as well as Silver and Gold Panda. These are real assett, not fiat money like U.S. Dollar. Next time you ask for money just say that please pay me in Euro or Swiss Franc or Canadian Dollar!

Leave a Comment