Gold suffers biggest one-day drop since 1980s

Gold suffers biggest one-day drop since 1980s

China data, possible central-bank sales blamed; silver down 11%

April 15, 2013|Myra P. Saefong and Barbara Kollmeyer, MarketWatch

SAN FRANCISCO (MarketWatch) — Gold futures on Monday suffered their biggest one-day decline since the 1980s, as the metal extended its dive into a second straight session and pushed further into bear-market territory.

The broader metals complex also dropped, with silver down 11% for its lowest settlement in more than two years after disappointing Chinese data fed worries over industrial metals demand.

Mining firms were hard hit by the selloff, with shares of Freeport-McMoRan Copper & Gold Inc. (US:FCX) dropping 8.2% and Newmont Mining Corp. (US:NEM) down 5.8%, as resource stocks led the S&P 500 index (US:SPX) lower Monday afternoon.

Gold for June delivery (US:GCM3) tumbled $140.30, or 9.3%, to $1,361.10 an ounce on the Comex division of the New York Mercantile Exchange. Prices dropped to as low as $1,355.30.

The closing level was the lowest for a most-active contract since February 2011, according to FactSet data.

Prices saw their biggest one-day percentage drop since February 1983. Gold’s one-day dollar drop was the biggest since January 1980 and the second largest in its history.

Monday’s loss comes on top of Friday’s selloff , when gold lost $63.50, or 4.1%, to $1,501.40 an ounce. Friday’s settlement price marked a 20.5% drop for the most-active contract from the record settlement of $1,888.70 an ounce reached on Aug. 22, 2011.

Silver for May delivery (US:SIK3) dropped $2.97, or 11%, to end at $23.36 an ounce. Based on most-active contracts, silver futures closed at their lowest since October of 2010, according to FactSet.

FULL STORY: http://articles.marketwatch.com/2013-04-15/markets/38533641_1_silve...

Views: 77

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

pohonemas33 team commented on tjdavis's photo
Thumbnail

DejaVu

"nice very goodjob, i wish you can visit official situs pohonemas33"
13 minutes ago
Sandy posted a photo
9 hours ago
Doc Vega posted a blog post
19 hours ago
Saint Quinn favorited Burbia's video
yesterday
Doc Vega posted blog posts
yesterday
Burbia commented on tjdavis's blog post The Jewish Couple That Taught Bob Dylan Hebrew and Introduced Him to Zionism
"Haaretz put this story behind a pay wall. Sali Ariel and Terry Noble were the names of the couple…"
Wednesday
William Heckman is now a member of 12160 Social Network
Wednesday
cheeki kea commented on tjdavis's photo
Wednesday
cheeki kea commented on cheeki kea's video
Thumbnail

This Woman DESTROYED Harley-Davidson's Future Forever

"It's a sad day on the highway. But I guess the show must go on. Watch out for the ruination of…"
Wednesday
cheeki kea posted a video

This Woman DESTROYED Harley-Davidson's Future Forever

This Woman DESTROYED Harley-Davidson's Future ForeverWelcome to Ride Radar – Your Frontline Source for Motorcycle Deals, Trends & Market Mayhem.Looking for t...
Wednesday
tjdavis posted a photo
Wednesday
Burbia posted a status
"Who knew releasing the MLK files and literally deflecting, it ends up implicating himself with the Epstein Files."
Tuesday
Burbia posted a video

Dan Bilzerian DEMOLISHES MAGA Nutjob Patrick Bet-David on His Own Show

Watch as two powerhouse personalities collide in this no-holds-barred debate on one of the world’s most contentious issues. Patrick Bet-David, known for his ...
Monday
Doc Vega's 7 blog posts were featured
Sunday
tjdavis's 2 blog posts were featured
Sunday
Less Prone favorited tjdavis's blog post Track AIPAC
Sunday
FREEDOMROX's blog post was featured

MRNA VACCINES: Question

Hello my fellow sojourners,I know it has been five years since the Plandemic, but one question has…See More
Sunday
Less Prone favorited FREEDOMROX's blog post MRNA VACCINES: Question
Sunday
cheeki kea commented on cheeki kea's photo
Jul 19
cheeki kea posted a photo
Jul 19

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted