Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations.
Falling oil prices provided support to precious metals markets.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
It's another bad day for gold and silver. Traders in precious metals are seeing both gold and silver plummet significantly as the week kicks off, with gold down nearly 7% and silver down 8% over the past 24 hours.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Gold fell sharply on Monday morning as investors continued to ditch the yellow metal as a safe haven trade amid the ongoing war in Iran. That move lower has second-order effects for the prospects of gold miners, which typically act as a leveraged bet on the gold price.
Gold wiped out all of this year's gains as the war in the Middle East stoked worries about inflation and higher interest rates, dimming the outlook for the non-yielding asset.
A sharp lurch lower in gold prices after the worst week of declines since the 1980s had gold flirting with bear-market territory on Monday.
Shares in precious metals miners fell further on Monday as gold and silver prices fell back to their lowest in over three months. The gold price was down 6% to $4,215 an ounce, wiping out gains since early December.