Crude oil is currently experiencing a rather sharp rally as it is being led higher by the products, based on recent data suggesting the steep drop in prices is stimulating demand. Throw in a weaker Dollar, a weaker Yen ( no safe haven trade), a pop in grain and bean prices, and even a bump in cattle, and you have some buying hitting the general commodity sector. From what I can see right now, a goodly portion of this is short covering, with some bottom picking occurring across the sector. This is serving to lift gold from its worst levels of the session, along with silver.
Let's see where the dust settles by day's end to draw some conclusions.
"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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