Despite the turmoil in the financial markets, the precious metals saw limited buying today. Following today's events, I don't know how we can have much more turmoil in the financial markets, which is one of the things that should make gold and silver prices move higher. Yet as we saw once again today, financial turmoil around the globe, currency markets moving back and forth, 10% meltdown in Tokyo, 2-3% down across the board in Europe, and we can't get any buying interest in silver, down on the day. Gold only up $1.10. Another very negative performance put in by the precious metals. If we can't get moving on this kind of news, I don't know what it is or what it will take to get gold and silver prices moving higher. In the short term there is no reason to expect them to be moving higher. It is more likely, given today's activity, we will be moving down quickly toward our contract lows in the gold market ($318.50). Today's activity is a clear confirmation that gold has decoupled from their former patterns.
It used to be years ago that people would fly to gold as a safe haven,
now the treasury bond market has taken over as the flight to quality safe haven.
Relaying this message from B.B.B.,
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