Gold and Silver's Rout Wipes Out $1.2 Trillion in a Day

Gold and silver tumbled sharply on Sept. 28 as the U.S. 10-year Treasury yield rose above 5.2%, its highest since 2007. Spot gold fell to about $4,156 an ounce, its lowest since Aug. 5, while silver dropped to around $61. Citing global mined-metal stocks, The Kobeissi Letter estimated the day's rout erased about $1.2 trillion in combined value.