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Silver traded down 3% Friday morning, as well, at $15.93 an ounce, as the yen has fallen to around 112 to the dollar.
The boost in the Bank of Japan’s asset purchases equities become more attractive and the safe haven assets become less so. The SPDR Gold Shares fund (NYSEMKT: GLD) dropped 2.65% in early trading to $112.13, after posting a new 52-week low of $111.75. The fund’s 52-week high is $133. 69.
The iShares Silver Trust (NYSEMKT: SLV) also posted a new 52-week low Friday morning of $15.21. The 52-week high is $21.31.
Gold’s 12-month high reached $1,379 an ounce in March, and the yellow metal is down more than 11% in the same period. Silver’s 12-month high was just over $22 an ounce, and the devil’s metal is down nearly 29% in the past 12 months.
This combined with Thursday’s strong report on U.S. gross domestic product, and gold prices have dropped to levels not seen since 2010. At least one analyst thinks gold could drop to around $1,000 an ounce if it can’t stabilize at around $1,183.
ALSO READ: What to Think When Platinum Prices Go Lower Than Gold
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