Last week was a turbulent period for precious metals. On Friday, Gold futures for December delivery fell more than $100 to close at $1640, logging its worst percentage drop in five years. Meanwhile, Silver futures dropped $6, its worst single day dollar drop since 1980. Although the Federal Reserve made headwinds for precious metals by not announcing more quantitative easing last Wednesday, other agencies could have a significant impact on precious metals.

The IMF released a statement over the weekend that said, “The global economy has entered a dangerous phase, calling for exceptional vigilance, coordination and readiness to take bold action from members and the IMF alike. We are encouraged by the determination of our Euro-area colleagues to do what is needed to resolve the euro-area crisis. We welcome that the IMF stands ready to strongly support this effort as part of its global role.” Speculation and hopes are building that a massive multi-trillion bailout plan is being prepared to save the Euro zone.