Precious metals were beat down harshly for a second consecutive week. London gold, silver and platinum tumbled 9.3 percent, 11.3 percent, and 14.7 percent, respectively. Since last Friday’s close, the Dow dropped 5.3 percent, the S&P lost 6.8 percent, and the Nasdaq fell 9.3 percent. Other world markets performed just as sourly.

Nymex December crude oil fell $3.69, or 5.4 percent on Friday, to close at $64.15 per barrel, marking its lowest level in 17 months and falling 11 percent for the week. In OPEC’s Friday meeting, a decision was made to cut its quota of 28.8 million barrels per day by 1.5 million barrels beginning on November 1.

London silver ended at $8.88 an ounce — a loss of 91 cents on the week, or 68 cents from last Friday.

London gold fell to $712.50 an ounce, falling $90.50 for the week, or $73 from last Friday.

London platinum plunged to $778 an ounce — a loss of $134 for week, or $78 from last Friday.

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