Gold and platinum drop to multi-year lows

Gold dragged down other precious metals along with it, for instance silver slid to 2.5 month low, platinum and palladium prices are still sliding this morning.

Platinum fell to $870 per troy ounce, its lowest since December 2008, The price differential between these both precious metals rose over $200 per troy ounce as platinmu underpormed against gold recently.

Gold dropped to $1074 per troy ounce once yesterday and reached its lowest level since February 2010. Today morning it traded above $1080 again, in euro terms it is still just above holding its own 1000Euro per troy ounce mark.

All the precious metals were effected badly, further selling should be expected, that might probably exacerbate or extend the slide in prices. There are no much worthy-to-mention ETF outflows in last two days of trade, hence, it seems that speculative financial investors withdrew from precious metals.

"Net long positions in all precious metals but gold were still high in the week to 3 November. The CFTC will be publishing new market positioning data this evening, though these will only partly cover the period in which the price slump took place", notes Commerzbank in a research note.