Gold News

Gold & Silver Plummet on Dollar Rally, Plunging Euro

From Chris Mullen at

Gold and silver remained unchanged in Asia and London on Monday, but they then plummeted at the New York open, holding near their lows for the rest of trade and closing with losses of 3.9% and 4.9% respectively.

Crude oil fell nearly 8% on continued worries over demand, while the US Dollar index rose as the Euro plunged on talk the ECB may cut interest rates by 50 basis points to 2.00% on Thursday.

Treasuries rose as the Dow, Nasdaq, and S&P fell about 2% on persistent worries about the economy and upcoming earnings reports.

The Gold Price in Euros fell to about €612, platinum lost $28.50 to $960.50, and copper fell over 7 cents to about $1.48.

Gold Mining and silver equities fell over 6% in the first hour of trade and remained near their lows into the close.

There were no major economic reports. Tuesday at 13:30 GMT brings the US Trade Balance for Nov. (expected at -$51.0bn) and at 19:00 comes the Treasury Budget for Dec., expected at -$33.0bn.

Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

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