Posted on Feb 28, 2020

Money Metals Exchange

Well, what a tumultuous week it’s been in the markets. Fortunately for investors who have diversified into gold, it’s been a bit less tumultuous than for those who are overexposed to stocks.

Wall Street is suffering its most severe weekly drop – more than 15% as of Friday morning -- since the financial crisis of 2008. By Thursday, panic selling had already set in as the Dow plunged 1,200 points in its worst single day point loss on record, though not its worst day in percentage terms.

Back in October 1987, the stock market crashed by over 20% in a single day. In retrospect, that represented a fantastic buying opportunity. Some fantastic buying opportunities will also emerge from the current carnage. Whether it’s the Dow, or the much more severely beaten up energy sector, or perhaps the much longer-term depressed silver market remains to be seen.

Silver prices have certainly succumbed to selling this week and selling pressure has accelerated here during the last couple of days. The white metal is now down and even 10% since last Friday’s close, dropping nearly $2 an ounce and currently trade at $16.70 per ounce.
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