Any concrete explanation for today's nosedive in precious metal prices?

[delta]

Was there anything in the news sufficient to explain today's big sell-off in precious metals, with silver falling most precipitously percentage-wise?

[RWB]

Was it because Emma Barkstadler of Weehawken New Jersey got a speeding ticket?

 

Highly manipulated metals markets doe not correlate with public events.

[Mr. Smith Guesser]

Silver is up since the beginning of the year, so maybe profit taking today. On the other hand, silver has also slipped from the monthly high on the 22nd, so maybe investor stop losses kicked in.

[Mr.Mcknowitall]

Was there anything in the news sufficient to explain today's big sell-off in precious metals, with silver falling most precipitously percentage-wise?

 

Yes. I just bought some of each this past week. This is always the reason for drops.

[cpm9ball]

Who cares! If you haven't sold, don't! If you want to buy, do it! A drop of $1 or so, is hardly anything to write home about. On the other hand, if you bought at $45 and still have it, don't tell the wife.

 

Chris

[Walkerfan]

I'm waiting for gold to fall to about 1000, then I will buy me some $20 Saint Gaudens that I have always wanted!

[coinman_23885]

I'm waiting for gold to fall to about 1000, then I will buy me some $20 Saint Gaudens that I have always wanted!

 

I agree. I am hoping that MS66-MS67 Saints will tank soon so that I can cherry pick and hoard the nice ones.

[brg5658]

Markets went up, precious metals went down. I don't really see a "nosedive" per se, but metals prices have been volatile for basically 6-7 years now, why would it suddenly stop?

[delta]

At one point today, silver was down 7.5%, it finally ended up down about 6%, I thought that seemed more than mere random fluctuation, and relevant events might help explain it.

[delta]

Was it because Emma Barkstadler of Weehawken New Jersey got a speeding ticket?

 

Only if she had power of attorney for the Hunt brothers and was waylaid by the cops while rushing to the broker's office to make the blockbuster monopoly-clinching silver transaction of the century.

[cpm9ball]

At one point today, silver was down 7.5%, it finally ended up down about 6%, I thought that seemed more than mere random fluctuation, and relevant events might help explain it.

 

That may be cause for concern for someone who frequently buys millions of ounces on margin, but I can't even afford the margin.

 

Chris

[wdrob]

I think it has more to do with the Federal Reserve policy statement that was released on the Wednesday. Add to that the American Dollar has gained strength against the Euro, as it continue to fall.

 

People are moving money out of reserve and placing it into the market since the economic indicators are trending upward with the lowest number of unemployment application being filed in nearly 15 years along with the Fed's indication of the expectation to raise interest rates some time this year.

 

I would seem that the folks with the money have began to give up on betting against the U.S. Economy ...... for now.