Monday, March 16, 2020

"Gold, silver prices collapsing amid markets panic - "sell what you can"

From Kitco (also on blogroll at right):
Gold and silver pricesare trading sharply down in panic market conditions in early U.S. trading Monday. Gold prices hit a three-month low and silver futures prices dropped to an 11-year low. U.S. stock index futures are pointed toward untradable locked-limit-down openings, further exacerbating the “sell what you can” panic at present. April gold futures were last down $44.30 an ounce at $1,472.00. May Comex silver prices were last down $1.79 at $12.70 an ounce.

Global stock markets were also solidly lower in overnight trading. Trader and investor confidence appears to be going from bad do worse to start the trading week, as over the weekend U.S. non-essential commerce began to shut down amid the coronavirus pandemic. Major stores are closing, public schools are closing, Colorado shut down all of its ski slopes and some states have ordered the closing of bars and restaurants. U.S. airlines are in financial peril as passenger traffic plummets. This follows the moves last week to effectively shut down most major sporting events in the U.S. The U.S. Center for Disease control has warned most Americans to stay home and recommended gatherings of 50 or more people be cancelled for at least the next two months....

Most active (May) futures down 14.90% ($2.16) at $12.34
Silver Collapse Continues