Gold futures plunged Wednesday amid profit taking and widespread liquidation in
precious metals. COMEX gold futures, per the December contract, settled lower by
$104.00, or 5.6%, at $1,757.30 per ounce. This marked the third largest
single-day drop ever for the yellow metal trailing only declines of 7.3% and
5.8% on June 13, 2006 and March 19, 2008, respectively. Since reaching a new
all-time record high of $1,917.90 early Tuesday morning, gold futures have now
plummeted 8.4%. Silver which generally exhibits higher volatility than gold
plunged 6.1% this afternoon. COMEX silver for September delivery traded lower by
$2.60 at $39.70 per ounce after reaching a multi-month high of $44.275 just
yesterday. Platinum retreated as well, but by considerably less than gold or
silver.
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