Precious metals prices plunge in New York

New York (Platts)--13Nov2006

All of the precious metals opened weaker in New York Monday morning after
being hit by selling pressure in Europe, but the metals have been rebounding
in an attempt to reduce their losses.

On the COMEX, the nearby December gold futures contract was trading at
$625.00/oz at 10:17 EST (15:17 GMT), down $5.10 from Friday's settlement and
December silver was trading at $12.84/oz, down 27.5 cents.

Platinum has had the biggest loss, so far, with the January 2007 contract
falling $19.60 to $1,190/oz when it last traded at 10:12 EST.

"Platinum has been quiet all morning; it found buying support in the
$1,185/oz area," said a trade source.

The selloff in platinum started in London, according to one analyst, who
noted that "everything was all right in Japan, then it got whacked in London."

Palladium is following the same downtrend, with the December contract
falling $4.90 to $325.80/oz at 10:19am.

--Ovid Abrams; ovid_abrams@platts.com

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