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Gold Plummets
August 06, 2008

Gold in a Downslide Plummet

Since gold passed below that $900 saftey ledge on Monday, we have been experiencing a swift plummet which has brought spot down to about $880 as of this posting. With all the cautionary postings regarding commodities that have cropped up thes last few weeks, I am not at all sure where the next support level may materialize. At any rate, I am pretty certain one will develope, as there are always buyers waiting in the wings with that special bargain buy price in mind.

In the meantime, gold is streched pretty thin, but as the week unfolds we should see a stopping point, with buyers coming back and averaging in on their holdings to reduce their base price. As always, the question is at what price level will this occur?

Along for the slide with gold are silver, presently at $16.60, Palladium, down to $352 and a worrysome Platinum, once king, now crashing down to about $1580 as of this posting.

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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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