Silver Drops as Investors Sell Precious Metals to Raise Cash

Investors desperate to get their hands on cash have been selling precious metals in order to gain some liguidity.

As a result, December silver fell by 10.6 percent, losing $1.275 to settle at $10.60 an ounce on the Nymex. It dropped even further in after hours trading.

Gold also plunged, settling at $859 on the Comex division of the NYMEX, as insitutional investors were looking for cash there as well.

Copper also fell significantly as it dropped 10.87 percent, 26.15 cents, to $2.1445 a pound.