Major Correction in Precious Metals
July 24, 2008
Gold & Crude Oil Lead the Way Down
Investors are experiencing a major correction in all precious metals and crude oil this week. Gold is down below $925 this morning, with silver down to about $17.45, platinum down to about $1715 and palladium around $385. Crude oil has dropped to about $125.
This development is forcing investors, traders and end users to closely examine factors and make tough decisions about what the future might hold for these commodities. Some think the < a href="http://seekingalpha.com/article/86684-buying-gold-for-oil-like-george-soros">10 to 1 ratio of barrels of crude oil to an ounce of gold will swing back, even though it has been twisted out of purpotion lately. Some are questioning if the rise in gold has come to a conclusion and we have nowhere to go but down. Some see this weeks events as a natural low before a late summer rally, providing god opportunites for bargain hunters. The point is, a shift like this has everyone thinking, which is a wonderful thing to behold.
Something to add? Notice an error? Comment on this blog.
About the Author