Gold, silver plunge
Gold and silver owners needed seat belts as the market hit severe turbulence in late September. By Sept. 28, gold was down about $200 in just a week’s worth of trading on the COMEX to close at $1,616.30 a troy ounce. Silver was down by more than $10 to close Sept. 28 at $30.09 a troy ounce.
Gold and silver owners needed seat belts as the market hit severe turbulence in late September.
By Sept. 28, gold was down about $200 in just a week’s worth of trading on the COMEX to close at $1,616.30 a troy ounce.
Silver was down by more than $10 to close Sept. 28 at $30.09 a troy ounce.
But it was even worse than that on Sept. 26. Gold traded as low as $1,532.70 and silver at $26.15, though neither metal closed at the lows of the day. By the end of trading on the 26th gold was priced at $1,592.50 and silver at $29.93.
The decline in metals coincided with worries that the European banking system was teetering on the brink of a crisis similar to what occurred in the United States when Lehman Bros. failed in 2008.
The world’s stock markets tumbled as a result, as did international currencies. The U.S. dollar rose sharply.
Some suggested that metals fell as bullion investors were selling to raise money to shore up their other positions.
Like what you're reading? Subscribe to our FREE email newsletter![form id="27827"]
Silver’s decline took the value of $1 face value of pre-1965 silver dimes, quarters or halves down to $22.06 from $28.90.
More Coin Collecting Resources:
• Subscribe to our Coin Price Guide, buy Coin Books & Coin Folders and join the NumisMaster VIP Program
