Gold Retreats for Sixth Day, Stocks and Oil Tumble


Gold fell on Monday for the sixth straight day as oil plummeted more than 10% and the Dow dropped below 7,000 for the first time since 1997. For the daily numbers, New York silver, gold and platinum futures stepped back 0.3 percent, 0.3 percent and 0.9 percent, respectively. The Dow lost 4.2 percent, the S&P declined 4.7 percent and the Nasdaq dropped 4 percent.

Bullion update ...April crude-oil plunged, losing $4.61, or 10.3 percent, to close at $40.15 a barrel. AAA said the average price for regular unleaded gasoline increased 1.1 cents to $1.932 a gallon.

March silver lost 3.5 cents to close to $13.05 an ounce.

April platinum fell $9.40 to $1,075.90 an ounce

Gold for April delivery declined $2.50 to end at $940.00 an ounce.


"As things get a little uglier in the stock market, we might see some selling of gold for margin calls," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, was quoted on "There’s some weight on gold now."

Gold "fell into a decidedly negative mood later on Monday," wrote Jon Nadler, senior analyst at Kitco Bullion Dealers. "Not helping matters for bullion, were a hefty slump in crude oil (off $4.53 at $40.23 per barrel) and a US dollar within striking distance of the 89-mark on the index."


Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies.

In spot trading, the London afternoon gold-fixing price — a benchmark for gold traded directly between big institutions — stood at $937.25 an ounce. London silver and platinum were at $13.14 and $1,090.00, respectively.

Check out additional market resources at Live Spots, the Silver Coin Melt Calculator, U.S. Mint Collector Bullion Price Guide, and the Inflation Adjuster.

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Mickey Smith

Any American that collects coins for a hobby or for a way of life, must be concerned by the wild price swings of Silver & Gold Coins & Bullion! I would hope to give a better view,but I am not a trader of markets,but here is a site that is! Ted Butler has studied the Silver & Gold markets for many years!! Please read is article at, titled,”The Smoking Gun,Part II”. As a small time collector,it concerns me to see our Tax dollars sunk into failed intitutions & banks,that are active in the bullion markets, the same markets that… Read more »