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Gold and silver plunge in sudden selloff as stock market rout triggers algo trading
Gold and silver futures plummeted Thursday as strong U.S. labor data dimmed hopes of near-term Federal Reserve rate cuts, with algorithmic traders apparently exacerbating the sudden drop. The plunge in precious metals came as the stock market fell sharply, as investors worried the artificial intelligence buildout might disrupt the business models of whole industries and hurt some companies' future earnings, triggering a rout across risk assets. The swift drop in the metals - which did not have an obvious catalyst - likely was intensified by selling from commodity trading advisors using computer models to bet on price ... (full story)