Bullion traders had to endure the worst week for gold and silver especially in
the last couple of days of the week. The financial markets started the descent
on Thursday as US stock markets sharply fell; US Dollar sharply appreciated
against major currencies; major commodities prices including gold price and
crude oil prices precipitately declined. Many attributed this sharp reaction in
the financial markets to the disappointment from the Feds plan to purchase long
term securities and no QE3 program. But the next day, most of the indexes and
prices leveled out with crude oil prices slightly falling, USD deprecating and
US stock markets regaining back some of their value. Yet, the bullion markets
continues to fall very sharply: gold price closed the last trading day of the
week with a 5.85% drop and silver price with a 17.71% decrease – the sharpest
falls in a single day in 2011 for these precious metals.
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