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.
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… Read more »
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… Read more »