Precious metals crashed steeply overnight with gold and silver hitting fresh lows, and the yellow shiny metal heading towards its worst quarter in decades with just a few trading days left.
Despite world stocks and bonds having a second day of big gains in Asia and Europe, investors continued Wednesday to dump assets used as a safety net in case central bank money printing went wrong or fuelled a spike in inflation.
Spot gold plummeted to its lowest since August 2010 at $1,223.54 an ounce and was down 3.8% at $1,227.86 an ounce at 6:30 am EST.
Silver futures fell even more sharply, more than 5%, down to silver’s lowest since August 2010 at $18.39 an ounce.
In terms of other precious metals, platinum fell 2.2% at 1,320.49 an ounce and palladium dropped 3.6% at $639.22 an ounce.