Don't be unecessarily alarmed by the behavior of gold today. We have seen this before during times of hedge fund algorithms gone wild. It is the result of money flows, pure and simple. Once the machines are done their thing, the price will immediately rebound. There are very strong buyers who are more than content to let the funds sell into their hands.
Let's see if the support level down near $1380 can hold old yeller on the downside.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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