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%.
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.