The Currency analytics
By James Thorp
Markets got crushed yesterday. Gold and silver prices collapsed in what traders are calling the worst single-day drop in precious metals history, wiping out nearly $7 trillion in…
Silver took the biggest beating, plunging below $85 per ounce after losing more than 25% of its value in just one trading session.
Traders are pretty much throwing around every theory they can think of to explain the meltdown.
Stock exchanges worldwide are dealing with the fallout as related markets get hammered by the ripple effects.
Banks aren't talking much beyond their standard "we're monitoring the situation" statements.
The Commodity Futures Trading Commission hasn't said a word.
Regulatory bodies are probably going to step in soon, though nobody's making any official announcements yet.
Warren Buffett's Berkshire Hathaway announced it won't change its precious metals holdings despite the chaos.
The Bank of England jumped in with reassurances, saying it's ready to provide liquidity support if needed.
Market veterans are scratching their heads trying to remember anything comparable to yesterday's carnage.
Mining companies are getting destroyed in after-hours trading as investors bail out of anything connected to precious metals.
The timing couldn't be worse for investors who thought they were playing it safe. Precious metals were supposed to be the hedge against inflation and market volatility, not the…
Trading floors stayed busy late into Friday as dealers tried to make sense of the chaos and position for whatever comes next.