Gold Takes a Big Tumble & Silver Comes Tumbling After
March 20, 2008
Gold & Silver On the Big Decline
Many investors were caught somewhat unprotected yesterday as the four major precious metals began to tumble against a stronger dollar, boosted by the Fed's recent rate cut. Major fund sell-off began yesterday and continued overnight and into this morning.
The predicted Gold floor of $940 seemed to be holding true through yesterday afternoon, but overnight and into this morning further sell-offs have pushed Gold downto about $920 as of this posting. Silver dropped about $3 and sits at about $17.30 this morning. Platinum went from more than $2000 an ounce to $1810 as of this posting and Palladium, which had ridden up to about $500 is now at about $425.
Other commodity investment is also experiencing serious correction. Crude oil had been pushed up to a phenomenal $110 at it's peak, but currently has backed off below $100 a barrel.
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