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Gold, silver, bitcoin crash as safe-haven luster fades following Fed decision
Gold plummeted as much as 6% on Thursday, with the precious metal acting like anything but a safe-haven asset as the Middle East conflict escalates. Investors went risk-off as the prospects of higher inflation lowered the chances investors are placing on Fed rate cuts. Gold futures (GC=F) fell to around $4,600 per ounce, while the broader metals complex was also hammered, with silver (SI=F) and copper (HG=F) dropping 13% and 5%, respectively. Even "digital gold" was battered, with bitcoin (BTC-USD) dropping below $70,000. Strategists note that while geopolitical risk in the Middle East would normally support ... (full story)
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