WPM - Precious metals plunge as dollar rallies - 'no safety trade anywhere'
Gold and precious metals mining shares offered no refuge from Monday's stock market carnage, as the dollar rallied on the increasing likelihood of steep interest rate hikes by the U.S. Federal Reserve. Front-month Comex gold (XAUUSD:CUR) closed -2.3% to $1,832.10/oz and silver (XAGUSD:CUR) ended -3.2% to $21.25/oz. Among the major miners, losses were big and broad-based: (NEM) -3.3%, (GOLD) -4.3%, (AUY) -7.4%, (KGC) -6.4%, (AEM) -6.4%, (BTG) -7.9%, (EGO) -8.2%, (AU) -8.6%, (GFI) -8.2%, (HMY) -10.8%, (IAG) -11.6%, (CDE) -13.6%, (WPM) -5.4%, (SVM) -6.8%, (AG) -10.8%, (FSM) -11.8%, (EXK) -11.3%. ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (IAU), (NUGT), (PHYS), (SIL), (SLV), (SIVR) "There's no safety trade anywhere, so gold will be liquidated," Phillip Streible, chief market strategist at Blue Line Futures in Chicago, told Reuters. "There's a massive correction going on, and when volatility gets that high, you can't find safety or comfort anywhere. Gold's late reversal last week was meaningful, according to
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Precious metals plunge as dollar rallies - 'no safety trade anywhere'