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Gold Plunges on Economic, Debt Concerns Monday, September 26, 12:35 PM ET
Investors are fleeing gold and other precious metals.
The global markets are taking a hit as well, on concerns that Greece may yet default on its debt, and that the debt contagion could spread to the rest of Europe, amid general fears about the weakness of the global economy.
Gold is trading lower, to $1590.83 an ounce Monday, piling onto losses last week.
Late Friday, the CME Group (NASDAQ:CME) hiked it margin requirements for some gold, silver and copper futures contracts, which it has done periodically to stem speculation in the markets.
Initial requirements to hold and trade benchmark contracts were raised, as well as maintenance margins.
The iShares Gold Trust (AMEX:IAU) is trading down over 1.8%, while the SPDR Gold Shares (AMEX:GLD) trades down 1.8%.
The ETFS Physical Silver Shares (SILV) is trading flat, while the iShares Silver Trust (AMEX:SLV) trades down over 6.5%.
The Gold Miners ETF (AMEX:GDX) is trading down .8%, and the Global Gold and Precious Metals Portfolio (NASDAQ:PSAU) is trading down over 1.2%.
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