Commodities Brief – Gold prices collapse on heels of G20 statement
The real story of the day is the collapse in precious metal prices. Gold prices previously established 6-month lows after a recent fall below the 1630 level this morning, however the recent plunge took the yellow metal below the 1640 region (August 20 low). At the time of writing, gold is in a free-fall state at USD $1613.79, down -1.32% or $-22.02 Friday. This move comes on the heels of the G20 statement that "will urge members to avoid competitive devaluations and to let their exchange rates be set by markets".