Tech drags down stocks; gold and silver plummet
Sherwood News • • business
Key Points:
- Gold experienced its worst intraday drop since the 1980s, falling over 10% at one point, while silver plummeted more than 30% during trading, marking its steepest decline since 1980.
- The recent surge in precious metals prices was driven by retail trader enthusiasm, geopolitical tensions, and concerns over the dollar's value, with leveraged ETFs amplifying the volatility and contributing to the sharp sell-off.
- Silver futures, particularly those linked to leveraged ETFs like the ProShares Ultra Silver ETF, saw massive selling during their daily rebalancing, intensifying the price decline.
- Major gaming stocks plunged following the unveiling of Google's generative-AI tool, Project Genie, which can create playable, copyrighted game worlds,
