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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