The decline came based on news of brokerage MF Global’s bankruptcy, as well as worries about accumulating debt in Europe.
According to Reuters, the Dow Jones industrial average lost 276 points on Halloween, with five stocks falling for every one that rose on the New York Stock Exchange. Trading volume was average at 4.2 billion shares. Even with its substantial losses, the stock market experienced its best month since October 2002.
“With MF Global going bankrupt and European debt not improving, stocks have dipped,” said Chadwick Hopkins, president of C.D Hopkins Metals Division, a precious metal retailer based in Los Angeles. “Precious metals thrive as safe-haven investments when the stock market is down.”
October has traditionally been a volatile month for the stock market in American history. The major stock market crash in October 1929 on Black Tuesday launched the Great Depression.
Faltering stocks -- combined with escalating debt in Italy, Spain and Greece -- have investors reaching for precious metals to diversify their financial portfolios.
“Many investors feel more comfortable backing their assets with gold, silver, platinum, palladium and copper,” said Hopkins. While the stock market plunges, Hopkins recommends purchasing precious metals.
The Los Angeles precious metal retailer specializes in gold, silver, platinum and copper retail. To open an account and purchase precious metals with C.D Hopkins Metals Division, visit http://www.cdhopkinsmetals.com/
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About C.D Hopkins Metals Division
C.D Hopkins Metals Division is a leading precious metals dealer and financing institution located in Los Angeles, Calif., specializing in gold, silver, platinum and palladium. With a C.D Hopkins Metals Division account, you can purchase precious metals for immediate personal delivery or arrange for convenient storage at an independent bank or depository. C.D Hopkins offers options for financing and selling your precious metals and expert account representatives to fulfill your investing needs. To find out how to open an account, visit http://www.cdhopkinsmetals.com/