As of yesterday, Gold has declined below $1,700 an ounce in New York and headed for the biggest weekly drop since 2008 as some investors sold the metal to cover losses in other assets. Silver slid.
Today, things got even “uglier” after CME hiked gold margins by 21%, silver by 16% and copper by 18%. Gold prices are cratering right now, down 5.5% to $1,647 per ounce. Check out this horrific chart of gold today.
Mish claims that the four reasons for the price collapse are:
- Fed did far less than expected
- Mutual fund redemptions
- Margin calls at hedge funds
- China growth story fading