Gold slid $1.50 to $1,534.15 per ounce while silver declined nearly 2%, or $0.73, to $40.84 per ounce. Precious metals moved lower on the back of a report released late yesterday by the Wall Street Journal that legendary investor George Soros – as well as hedge fund magnate John Burbank, founder of Passport Capital – both liquidated a portion of their gold and silver holdings. When the news hit the tape, both gold and silver futures fell as investors liquidated long positions on the COMEX.
Stocks and commodities weakened alongside precious metals this morning as fears of a spike in risk aversion intensified. S&P 500 stock futures fell 1.20 to 1350.90 early this morning.
Source link: http://www.goldalert.com/2011/05/soros-sells-gold-and-silver-skid-continues/
Stocks and commodities weakened alongside precious metals this morning as fears of a spike in risk aversion intensified. S&P 500 stock futures fell 1.20 to 1350.90 early this morning.
Source link: http://www.goldalert.com/2011/05/soros-sells-gold-and-silver-skid-continues/
