Heavy gold selling this morning has spread the contagion into the other metals. Platinum is suffering the most down over 1.6% with silver right on its tail. Meanwhile palladium is behaving like a rock and not moving at all. Market behavior today is very odd as the bond market is higher indicating a belief of lower interest rates to come and Consumer Confidence is reported higher adding pressure to the group. Meanwhile the Case-Schiller Home Price Index was slightly lower than expected and continues to indicate a weak Real Estate market. The gold chart is still holding in bullish territory which may be a signal that this may be a better deal than Filene’s basement. The drop seems to be losing its momentum in gold meanwhile platinum and silver look to be on weak legs. Might be a good idea to sit back and wait for the volatility to slow.
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