With the recent price slams in both gold and silver you just knew that the large specs were puking ’em up and the commercial traders were covering net shorts.
The gold price pulled back from the low-1500s to the mid-1400s and the usual suspects reacted accordingly.
The silver price got dumped from above 18 to below 16.75 and the usual suspects reacted accordingly.
I’ll edit in the graphical views when they are available shortly.
[edit] Here are the graphs. Gold has resumed its oh so slow trend toward a better alignment and it looks like it has a long way to go. Silver is better, but the trend to a low risk situation is not yet nearly complete. Remember, it’s the end of a trend not whatever happens in any given week that signals the end of a phase. The precious metals are still in correction mode.
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