Saturday, September 24, 2011

Gold and Silver Plummet in Latest Market Selloff

There are no financial havens at this point.

At Wall Street Journal, "Market Rout Claims New Victim":
The wave of selling that has washed over financial markets in recent weeks swamped precious metals on Friday, sending gold and silver prices plummeting and raising the stakes for key weekend meetings of global finance officials.

In the past week, the Dow Jones Industrial Average plunged 6.4%, its worst week since October 2008. Currencies, too, have had a wild ride. The dollar this month has soared against its rivals. The euro has tumbled 6% in September, while emerging currencies like Brazil's real have been punished.

Gold futures dropped 5.8% Friday, the biggest one-day loss in five years, as investors rushed to cash out of some of their most profitable investments in the hopes of making up for losses elsewhere. The decline capped gold's worst week since 1983. Silver was even harder hit, plunging 18% for its largest single-day decline since 1987.

The week highlighted a growing sense of despondency among investors concerned that policy makers have neither the will nor power to juice their economies.
More at that top link.


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