> TEOTWAWKI Blog: Precious metals sliding back to earth



Precious metals sliding back to earth

Gold and silver have experienced dramatic drops over the past few days, declining from record heights. Gold closed today at $1473.10 an ounce, while silver experienced a massive 12% drop to close at $34.66.As recently as May 2nd, gold was sitting at over $1567/ounce. On the 28th of April, silver was at over $49/ounce. Big drops for both, but especially in silver.

I was at the coin shop the other day, and it was literally standing-room only with people trying to trade in scrap silver and gold. In my view, both metals still have room for more losses, but we'll see what the market does. I would expect the sell off to continue.