While the equities markets are taking a nosedive on Thursday, the commodities asset class, including gold and silver exchange traded funds (ETFs), have been dragged down along with the markets, mirroring the broad market sell-off of 2008.

iShares Gold Trust (NYSEArca: IAU) was down 2.76% at last check, and the ETFS Physical Silver Shares (NYSEArca: SIVR) was down 8.20%.

Gold contracts for December delivery dropped below $1,750 an ounce, a four-week low, while silver contracts for December delivery fell more than 8%, slipping close to $37 an ounce, reports Matt Day for The Wall Street Journal.

“You got to a point today when [losses across markets]accelerated, that people will be liquidating whatever they can,” Frank Lesh, a broker with FuturePath Trading, said.

On Wednesday, gold prices began falling after news of the Fed’s $400 billion plan to increase its holding of long-term Treasuries. However, the Fed’s warning of “significant downside risks” to the economy should have helped increase gold’s appeal as a hedge, analysts said.

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