Commodities Continue Tumbling
October 16, 2008
Metals On The Slide
This week has been tough on commodities with Gold and the other precious metals we coin collectors follow regularly not beening spared this time around. Gold hit a one month low just below $800 an ounce, with silver below $10, and nearing $9.50. Platinum down is dramatically to about $875, with Palladium crashing well below $200 down to about $170 this morning.
Crude oil has dropped mercifully just below $70 a barrel, giving consumers a big break at the gas pump and the U.S. dollar has solidified with some nice gains against most other major world currencies.
Most silver and gold commemorative coins will remain high in the coin market for a while however, as they react more slowly to a decline than they do to rising spot prices. Platinum and Palladium coins generally hold less demand in the collector market, making them react more quickly to both the rise and fall of spot metals prices.
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