Silver has broken $16 at $15.89 down 53 cents.
Our gold target remains $875.00.
From Kitco:
A.M. Kitco Metals Roundup: Gold Sharply Down, Hits 4-Yr Low, on Technical Selling, Strong US Dollar, Rallying Equities
Gold prices are sharply lower, hit a four-year low and fell below major long-term technical support that was located at the $1,180.00 area in early U.S. trading Friday. The precious metals are still feeling the bearish effects of a strong rally in the U.S. dollar index. The big rally in world stock markets late this week is also a negative that is pulling away funds from the precious metals markets. December Comex gold was last down $25.60 at $1,173.10 an ounce. Spot gold was last quoted down $26.00 at $1,173.40. December Comex silver last traded down $0.345 at $16.07 an ounce.Also at Kitco (Oct. 30):
There’s a lot going on in the world market place Friday, on this last trading day of the week and of the month. There are three features at work Friday morning: U.S. stock indexes hit fresh record or multi-year highs overnight, the U.S. dollar index is surging, and gold prices have slumped to a four-year low. All have occurred in the wake of Wednesday afternoon’s FOMC statement that was deemed surprisingly hawkish on U.S. monetary policy.
The world equity markets and the greenback got an added boost overnight when the Bank of Japan surprisingly announced further and somewhat aggressive monetary policy easing measures. The BOJ move is an attempt to ward off deflationary pressures that have wracked Japan’s economy for at least the past 15 years. The Japanese yen sunk on the news, but Japan’s Nikkei stock index rallied on the BOJ easing. Other Asian and European stock markets also rallied Friday....MORE
Stage Set For Big Leg Down In Gold Price: Wyckoff
From FinViz:
