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Precious Metals Taking A Pounding
September 09, 2008

Gold & Silver Falling

In the wake of yesterdays government hostile takover of the massive Fannie Mae & Freddie Mac home mortgage concerns, precious metals and crude oil are on a steep decline this morning.

Just in the last half hour gold has dropped as low as $777 and bounced back to about $781. Silver is presently at $11.68, with platinum at $1252 and palladium suffering down at $238. Crude oil is also on the decline and sits at about $104.35 a barrel as of this posting.

With the U.S. dollar strengthening significantly against both the British Pound and the Euro, various quick access commondities may not seem like the best options. Reactionary sell-offs may contine for a bit, but a floor should materialize eventually.

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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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