Precious metals collapse

The effect of the earthquake in Virginia were small compared to the effect of the recent sell off in Gold at this moment down $79. The gold ETF lost 798,000 ounces yesterday. More and more the market is starting to disbelieve that the Fed will make any moves to inject money in to the system hence inflationary pressure being removed has created an opening for a correction to come in. In today’s report from Dennis Gartman he illustrates the 1980 gold bubble versus the current market which indicates we may be in for a move down to the 1650 level sooner than later. The rest of the precious are following gold’s lead as well. True to form silver is the biggest loser so far and where it will end is not so clear for this extremely volatile white metal. Today’s Durable Goods number was the first bit of positive news to hit the wires for the US economy acting as additional grease to today’s slippery slope. Oh, one other interesting fact this year’s first six month imports of gold jewelry by volume equals only one month of imports in 2005….makes you wonder. (Courtesy of GFMS)

	DEC-Z	Sep-U	Oct-V	Sep-U
8/24/2011 10:26	Gold	Silver	Platinum	Palladium
Last	1,774.80	40.44	1,837.00	751.60
Price Change	(86.50)	(4.37)	(43.10)	(12.80)
Current Low	1,774.90	39.91	1,837.40	751.75
Current High	1,856.80	42.49	1,884.70	765.25
EFP	2.40/2.90	.01/.04	2/6	0/4
London PM Fixes:
AU	1,770.00	PT	1,865.00
PD	759.00
London AM Fixes:
AU	1,850.00	PT	1,870.00
PD	762.00	AG	42.080
	RH	1,875.00	RU	175.00
			IR	1,100.00
EUR	1.4456	1.4482	1.4457
JPY	76.61	76.87	76.62
GBP	1.6424	1.6534	1.6426
Copper	4.03	Crude
*PLEASE NOTE THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES