On gold we still think the the 1980 highs-Hong Kong $875; New York $850-are achievable. An equivalent 23% decline in silver gets you down to the low $12's.
That Polish Olympian who sold his silver medal last August said he did it to save a kid with eye cancer but I'm starting to think he was using some black-box market timing.
From Kitco:
Gold prices are lower and trading not far above last week’s 10-month low, while silver futures have notched a fresh eight-month low in early U.S. trading Tuesday. A surging U.S. dollar index that scored another 13-year high overnight remains a bearish anchor pulling down the precious metals markets. February Comex gold was last down $10.90 an ounce at $1,131.80. March Comex silver was last down $0.289 at $15.80 an ounce.
The world marketplace and safe-haven gold have not shown big reactions to violence in Europe Monday that included the assassination of Russia’s ambassador to Turkey and terror attacks in Berlin and Zurich that left over a dozen people dead. However, the European stock markets did see buying interest limited on the terror attacks, while the Euro currency dropped to a 13-year low overnight, due in part to the attacks....MORE
NYMEX front silver $15.69 down 40 cents....March silver bears have the solid overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing futures prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.00. First resistance is at the overnight high of $16.11 and then at $16.33. Next support is seen at the overnight low of $15.74 and then at $15.50....
