GOLD MELTDOWN

Gold prices are cratering right now, down 5.5% to $1,647 per ounce.

The precious metal has lost 6.7% of its value this week, the biggest weekly slump since December 2008, according to Bloomberg.

Analysts blamed yesterday’s drop on margin call liquidations, which may be continuing into today.

All metals are plummeting right now, with silver down 14% to $30.49 per ounce. Energy, however, seems to be avoiding the sell-off, with crude oil, natural gas, and heating oil all flat on the day.

Check out this horrific chart of gold today.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.