12 October 2012

Gold Daily and Silver Weekly Charts - Selling in the Afternoon

The Producer Price Index (PPI) is running hot showing some goods cost inflation.

Wells Fargo reported record earnings this morning, but a worse than expected net margin from the low interest rate environment. JPM made their numbers, but they did it by tapping loan loss reserves.

And all that led to weakness in the banking sector which led to a weak SP 500.

Gold and silver were under pressure after the London PM fix, and the selling went on into the afternoon. Both metals went out lower for the day.

What next? Europe, to bail or not to bail.

I took a silver position this afternoon on the if/come. It's been a while.

Let's see what happens.