Following the opening bell signaling the beginning of trading for both gold and silver in New York prices saw a slight rise. However, these gains were unsustainable as prices went south leading to losses in both metals.

Both gold and silver pricing plummeted as they were in a virtual freefall from the recent new all-time record highs, in the case of gold, and the near tripling in price of silver since mid-March.

Both physical gold and gold futures effectively found strong support above $2000 an ounce. Physical gold closed off by approximately $9.40 and is currently bid at $2026.