Results 1 to 1 of 1
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
-
09-23-2011, 05:24 PM #1
Silver Biggest Drop In 31 Years; Gold Falls Most In 5 Years
September 23, 2011, 4:48 PM ET.
Silver Stages Biggest Drop In 31 Years; Gold Falls Most In 5 Years.
By Murray Coleman
Silver futures kept heading down on Friday, finishing with an 18% fall marking the metal’s biggest drop in decades. Meanwhile, the most active gold contract in New York sank 5.9% to register its largest percentage loss since June 2006.
After the dust settled, gold for December delivery lost $101.90 to finish at $1,639.80 an ounce on the day. For the week, the contract dropped 9.7%.
Meanwhile, silver for December delivery slid by $6.48 to settle at $30.10 an ounce. The day’s sell-off represented the metal’s largest one-day dollar decline since early 1980.
In terms of ETFs (both funds physically storing metals and those buying mining stocks):
The iShares Silver Trust (SLV) dropped by 14.2%.
The SPDR Gold Trust (GLD) slid 5.5%.
The Market Vectors Gold Miners ETF (GDX) lost 4.9%.
The Global X Silver Miners ETF (SIL) fell 7.3%.
The sell-off came amid reports Friday that Greece is preparing for a default and that bondholders would be facing losing 50% on the dollar even in an orderly process. The sell-off followed a move by European officials to pledge to be more flexible to support the region’s bailout efforts and prevent contagion of toxic sovereign debt issues.
Some analysts are pointing to a “counter-trendâ€NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
Durbin pushes voting rights for illegal aliens without public...
04-25-2024, 09:10 PM in Non-Citizen & illegal migrant voters