As noted in a December '16 post:
...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....Front futures $14.09, down 47 cents (3.21%)
...Throwing numbers around, the December 2015 low in silver was $13.90-something so we have a couple bucks to go before that multi-year support.
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.
After the two week pause in gold's "stately decline" we thought we saw coming in August 13's "Gold, Silver Looking At Two-Year Lows" the longs in both are getting crushed.
Here's Kitco:
Gold Extends Losses, Back Below $1,200, As USDX Hits Daily High
(Kitco News) - Gold and silver prices have extended early losses and are solidly lower and near their daily lows in late-morning U.S. trading Tuesday. Silver has hit a 2.5-year low today. A strong rally in the U.S. dollar index, which has just hit its daily high, is emboldening the precious metals sellers to start the U.S. trading week. Gold has dropped back below $1,200.00, while silver is threatening to fall below the key $14.00 level. December gold was last down $11.00 an ounce at $1,195.80 and December silver was down $0.482 at $14.08.Also at Kitco:
Gold Lower As Capital Flows Into the US$ On Trade Concerns
