NEW YORK (TheStreet) -- New York spot gold prices took a beating Wednesday afternoon as Germany's decision to eradicate naked short selling sent shockwaves through the markets and triggered a commodities selloff by investors trying to cover trading losses.

Spot gold prices were dropping by $33.50, or 2.7%, to $1189.50 an ounce Wednesday afternoon.
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New York spot silver prices were losing 86 cents, or 4.5%, to $18.13 an ounce.
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New York spot platinum prices, meanwhile, were falling $70, or 4.2%, to $1597 an ounce, while its sister metal was also losing traction.


New York spot palladium prices were falling $39, or 7.9%, to $458 an ounce.

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Mining stocks and metals ETFs were getting crushed Wednesday afternoon. Mining stocks offer another form of exposure to precious metals.

Stillwater Mining ( SWC) was falling 7.4% to $13.30, while ETFS Physical Palladium Shares ( PALL - Get Report) was giving up 7.4% to $46.

Meanwhile, Silver Wheaton ( SLW) was tumbling 6.1% to $19.10, and North American Palladium ( PAL) was surrendering 11.4% to $3.35.

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-- Reported by Andrea Tse in New York

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