RSS FeedRSS

Gold and Silver Fall Sharply On Mass Liquidations

Gold and silver prices fell dramatically after trading floors opened on Friday, with gold falling as low as $1491 and silver dropping sharply as low as $25.96 by Friday afternoon. Gold’s new spot price represents the lowest gold spot price since July 2011, and the previous low silver price also occurred in that month and year.

Gold is currently down $56 for the day, and silver presently stands $1.27 below the trading session’s opening values. “Now that the psychologically important levels of $1500 (for gold) and $26 (for silver) it’s anyone’s guess as to how far they may fall,” said Arthur McGuire, vice president of Gold Silver. “Long-term inflationary fears are still perfectly valid, but short-term selling could dictate the trends for the next few weeks.”

Precious metals have traditionally been held in high regard as safe-haven assets, but the flood of investors who have sold ETFs has had a profoundly negative effect on gold and silver spot prices. Additionally, some analysts have speculated that the rapidly falling gold price could be due, at least in part, to investors’ cash hoarding. The Cyrpus situation has been covered heavily on most major news networks and some households could be nervous about a run on banks, causing them to stockpile cash instead of hard assets, like gold, that could be more difficult to redeem for goods and services.

Visit GoldSilver.org often for updates on gold and silver prices as well as discounts and special promotions that are only available on this web site. Call GoldSilver.org today at 1-800-394-3337 or request your free gold and silver investment guides via the links below.

GS social media share img

Get Your Complementary Award Winning Guides Below

 Publish Real Money Magazine

 Publish Gold Investment Magazine

 Publish IRA 401K Kit Magazine

 Real Money Magazine