GOLD IS GETTING SMOKED

Gold is getting smoked.

On Sunday night, gold was down more than 4% to as low as $US1,143 an ounce after voters in Switzerland on Sunday rejected a measure that would have required the Swiss National Bank to increase its gold reserves from 8% to 20% of its holdings.

The vote failed by a margin of 78%-22%.

In addition the drop in gold, crude oil prices are resuming their tumble, and the price of other precious metals — silver and platinum — were also down sharply.

Silver futures were down 12% early Sunday night and platinum futures were down more than 3%.

Copper prices were also lower by 4% in what is a rough night for the metals markets.

Here are the ugly gold and silver charts.

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