Gold price dropsOctober 20, 2008
Part of the recent sell-off comes as investment funds reduce assets to raise cash. "There will be more victims of the fund collapse and more forced liquidations even if it requires to sell your most desired assets such as precious metals," wrote Peter Spina, president of GoldSeek.com.
Platinum, silver, and oil have plunged in recent weeks too as investors seek immediate cash, a global recession looms, and consumers in the United States grow more pessimistic about the state of affairs. On the week — platinum is down 11.7 percent to $862USoz. (down 41 percent from one year ago) and silver is down 4.8 percent to $9.24USoz. (down 33 percent from one year ago.)