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Precious Metals Continue to Tumble
May 30, 2008

Precious Metals Tumbling Down

Investors reacted to sliding crude oil prices and stable economic data today in large scale sell-offs to reduce peak risks. Gold has tumbled down below $875, while silver shot down below $17 to about $16.65 as of this posting. Platinum was hit hard with spot prices at $1990 by late morning and palladium slipped to about $425 or so.

Another U.S. crude oil stockpile data release should be coming out this afternoon, so much of this mornings scurry may blow over or intensify depending on this news. Dollar strength is certainly a factor as well, with the U.S. Dollar showing good gains on the Euro and other major currencies again today.

Gold bugs will look on this as a good time to average in at lower rates on physical holdings. But gold futures are also dropping, as the investment dollars are looking for other venues, so proceed carefully.

Support levels seem to be fairly strong for gold at $870 or so. It's a good benchmark to keep in mind.

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Recent Comments
On May 31, 2008 Koichi Ito said
All the precious metals at bottom price now! It must be a good buying oppotunity for coin collector and bullion investers. Buying coins make sense that it is assett just as Robert Kiyosaki said so! If you want more information you can ask Robert Kiyosaki.

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About the Author
Tom Michael has been Krause Publications primary market analyst on more than 80 world and United States coin catalogs produced over the last 20 years. He came to KP in 1987 with a bachelor of arts degree in history, a master of arts degree in economics and a history of coin collecting stretching back to the 1960s. He began collecting world coins as a child by asking friends and relatives to bring coins back from overseas trips, visiting flea markets and having his mother watch for foreign coins in her register at the local grocery store. Today he works with a dedicated base of over 200 contributors to provide accurate market values for the five-volume Standard Catalog of World Coins series, as well as many specialty catalogs, including Coins & Currency of the Middle East and the fifth edition of Unusual World Coins.

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