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.
