Special Topic: Gold and Silver Experience a Crash of the Century - Has the Precious Metals Bull Market Ended?
In the early hours of January 31st, Beijing time, profit-taking pressure on precious metals surged dramatically, leading to a crash-like plunge for gold and silver. Spot silver plummeted by up to 36% intraday, marking its largest historical single-day drop, with the lowest point hitting $74.28 per ounce. Spot gold fell by over 12% at its worst, touching a low of $4,682 per ounce, representing its largest single-day decline since the early 1980s. This massive volatility served as a live-streamed lesson in risk, sounding a clear alarm for retail investors.
Around 2:40 AM on January 31st, the intraday loss for spot silver widened to 34.67%, tumbling from above $110 per ounce all the way down to $75.38 per ounce. Spot gold's intraday decline expanded to 12.41%, falling from $5,400 per ounce to $4,709.68 per ounce.
Ultimately, spot gold closed down 9.52% at $4,865 per ounce. Spot silver finished the session down 26.9% at $84.7 per ounce. Despite the sharp drop, gold and silver still registered monthly gains of 12% and 18% respectively for January. Spot platinum plunged 17.59% but managed a cumulative monthly gain of 1.65%. Spot palladium tumbled 14.89%, ending January with a 4.66% increase.
[The market carries risks; invest with caution.]
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