Friday, October 10, 2008

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.

No comments: