Precious Metals Taking A Pounding

Gold & Silver Falling

In the wake of yesterdays government hostile takoverof the massive Fannie May & Freddie Machome mortgage concerns, precious metals and crude oil are on a steep decline this morning.

Just in the last half hour gold has dropped as low as $777 and bounced back to about $781. Silver is presently at $11.68, with platinum at $1252 and palladium suffering down at $238. Crude oilis also on the decline and sits at about $104.35 a barrel as of this posting.

With the U.S. dollar strengthening significantlyagainst both the British Pound and the Euro, various quick access commondities may not seem like the best options. Reactionary sell-offs may contine for a bit, but a floor should materialize eventually.