Gold cannot seem to muster enough energy to break out from the top of the trading range near $1695 while silver seems to run into selling above $32.
Today was all about the selling in the Euro which tended to bring back some of the RISK OFF trades or at the very least, induced some profit taking in the RISK ON trades. Draghi did not offer much in the way of support for Euro bulls and after that big run up, they booked profits. That brought on some selling in both gold and silver, along with the commodity sector in general. Even crude oil was finally knocked lower for a change.
"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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