It was an incredibly active day in the precious metals

As I am sure many of you witnessed, it was an incredibly active day in the precious metals market. Gold and silver have fallen 4% and 6% respectively during this session. Both metals traded in a relatively tight range overnight with silver managing to breach yesterday’s highs. It appeared as if the metals were consolidating and preparing for another run to the upside. At around 10 am they were stopped dead in their tracks and sent plummeting to erase nearly all of the their recent gains. There are several factors that cased this sell off. Primarily it was Bernanke’s “fedspeak” indicating that there is no chance of further quantitative easing in the forecast and that our economy is moderately improving. This caused the dollar gain steam and the yield of US 10yrs rally. In response we saw gold fall to test and break the $1750 level. As this happened, stop losses were triggered in both the gold and silver causing an aggressive liquidation of both metals. The recent move to the downside in these metals should have forced the weak longs to close their positions an should be considered a healthy correction, however there is a considerable chance that we may see gold and silver pull back a bit more before they find a stable base. All eyes will be on the jobless claims tomorrow. Good luck.

Metals	Last	%Change	Low	High
Au- Apr	1716.6	-4.01%	1704.5	1792.3
Pt-Apr	1694.3	-1.65%	1678.1	1739
Pd-Mar	706.65	-1.75%	702.55	721.95
Ag-May	34.950	-6.06%	33.825	37.580
London	AM	PM	Minor	PGMs
Au	1788	1770	Rh	1540
Pt	1727	1726	Ru	135
Pd	718	722	Ir	1100
Ag	37.23	DJI	12991.42	-13.7
Currencies
	USD	EUR	JPY	GBP
USD	0	1.334	0.012334	1.5937
EUR	0.7496	0	0.92456	1.1947
JPY	81.08	108.16	0	129.215
GBP	0.6275	0.83706	0.7739	0
Crude Brent	122.71	Comex Copper	387.8
Crude WTI	107.01	Nat Gas	2.607
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES