Gold, Silver Continue Historic Decline

December gold $1144.40 down $23.30; silver $15.370 down 0.583. Once again silver is the more profitable sale even though we are going on two years of targeting $875 gold.
From Kitco:

Gold Sharply Lower, Hits 4.5-Yr. Low, Amid Stronger U.S. Dollar, Rallying Equities

Gold prices are sharply lower and slumped to a 4.5-year low in early U.S. trading Wednesday. A surging U.S. dollar index and rallying U.S. stock indexes continue to pull money away from the safe-haven gold market. December Comex gold was last down $26.00 at $1,141.70 an ounce. Spot gold was last quoted down $26.50 at $1,142.25. December Comex silver last traded down $0.658 at $15.30 an ounce.

It’s a “risk-on” day in the market place Wednesday, following U.S. mid-term elections that solidly favored the Republican party. The majority of traders and investors reckon the Republicans, which will control the House of Representatives and the Senate, will be better for U.S. economic growth and businesses. The U.S. dollar index is sharply higher and hit a four-year high overnight, while U.S. stock indexes are higher and at or near record or multi-year highs in early trading Wednesday.

The narrative in the market place in recent weeks has been the stronger U.S. dollar and sharply lower crude oil prices. Nymex crude oil prices this week have hit a three-year low. These two key “outside markets” will continue to have a daily impact on many other markets....MORE

From Reuters:
Gold, silver slump to fresh 4-year lows as sell-off extends

Gold slid for a fifth session in six on Wednesday, tumbling to a four-year 

low below $1,150 an ounce as a strong dollar kept investors away from the 

safe-haven asset and physical demand failed to provide underlying support. 

Silver tracked gold lower, hitting its lowest since early
2010, while platinum and palladium also fell. 

The dollar rose to a seven-year high against the Japanese
yen after a victory by Republicans in the United States'
mid-term elections raised hopes for an end to political gridlock
in Washington, boosting sentiment for riskier assets. 

Underscoring the lack of interest in bullion, holdings in
SPDR Gold Trust, the top gold-backed exchange traded fund,
slumped to a fresh six-year low. 

Physical buying of jewellery, coins and bars - which usually
picks up at lower prices - has not emerged robustly enough to
put a floor under prices.

"There is very little on the horizon that is bullish.
Despite the trillions of dollars of stimulus over the past
several years, most central bankers are worried about deflation,
not inflation," said INTL FCStone analyst Edward Meir....

...MORE

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