Precious Metals Decline as Oil and Stocks Plunge
New York precious metals futures fell Wednesday along with oil and stocks. While gold declined just 50 cents in its fifth straight day of losses, silver and platinum plunged by 8 percent and 6.6 percent respectively. The Dow suffered its second-biggest point drop in history, falling as much as 780 points earlier in the afternoon.
Government reports released Wednesday cast an economic picture of falling producer prices, and dreary retail sales that disappointed investors across the board.
November crude-oil tumbled $4.09, or 5.2 percent, to close at $74.54 per barrel. Oil is at its lowest point in more than a year, and down 49 percent since its high of $147 in July.
December silver fell 88 cents to close at $10.18 an ounce.
January platinum plunged $68.40 to end at $975.20 an ounce.
Gold for December lost 50 cents to settle at $839 an ounce.
