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Jeonlees
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Why did heavy metals plummet: Today, this drop is not about gold and silver, but the 'interest rate narrative' floor.
Let me first present the hardest data of today.
Gold futures fell to about $4,745 in a single day, with a drop of about 11%, one of the 'historical level' single-day declines.
Silver futures fell to about $78.53, with a single-day drop of about 31%, this is the kind of drop that makes you think the software has frozen.
The US dollar index also strengthened on the same day (reported to have risen by about +0.7%), which is a direct pressure on metals priced in dollars.
Not only precious metals, but industrial metals are also pulling back: The Shanghai Futures Exchange copper has fallen from recent highs, dropping to 103,680 yuan/ton (-2.82%); LME copper dropped to $13,278.50/ton (-2.78%).
Gold futures fell to about $4,745 in a single day, with a drop of about 11%, one of the 'historical level' single-day declines.
Silver futures fell to about $78.53, with a single-day drop of about 31%, this is the kind of drop that makes you think the software has frozen.
The US dollar index also strengthened on the same day (reported to have risen by about +0.7%), which is a direct pressure on metals priced in dollars.
Not only precious metals, but industrial metals are also pulling back: The Shanghai Futures Exchange copper has fallen from recent highs, dropping to 103,680 yuan/ton (-2.82%); LME copper dropped to $13,278.50/ton (-2.78%).
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