A bloodbath in the metals market
Just a quick mid-day update. Gold and Silver are in a freefall yet again. As I write this, silver is sitting at $11.74, down 32 cents. Gold is at $780.10 – down $21.40. Wow. The US Government takes over Fannie Mae and Freddie mac, so precious metals take a nosedive. How’s that for economic theory?
Who knows how the day will end up, but it’s an absolute bloodbath right now. Platinum is down $75 bucks so far – sitting at $1248. Palladium cruised downward through $250, and sits at $241. Not so long ago Platinum’s cousin was a $450 metal all day long.
I’ll keep an eye on the charts throughout the day, and offer up my closing thoughts. If you hold paper metals, I feel for you. Unfortunately, I own just a bit. The rest is in physical metal – and I don’t feel quite so bad about that.
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