As of midday Friday, gold for June delivery was worth $1,293. Worse yet, silver stood at $19.96, down a staggering 60 percent from its all-time high made in 2011. Going forward, some analysts believe that gold and silver will be traded more like industrial commodities and less like investment assets, possibly making them much more reactive to industrial demand than central bank actions.Alongside gold and silver, other financial markets tanked as well. Stock markets, foreign currencies, crude oil and U.S. bonds all plummeted this week on the expectation that diminished stimulus would slow economic growth.
Crude oil, which rallied last week on Mideast concerns, had the largest percentage move, dropping as much as $5.50 per barrel, down 5.6 percent, in the wake of the Fed announcement. Crude prices were also dragged lower by rising stockpiles and weak economic data from China.
As of midday Friday, crude oil for delivery in August was worth $93.30 per barrel, the lowest price since early June. In coming weeks, geopolitical concerns may begin driving the crude oil market again, especially if the conflict in Syria spills across borders.