The metals were hit yesterday and today after a weak jobs report and an uptick in unemployment made a bit of a canard out of the Fed minutes suggesting that they will be able to cease their monetary easing and bond buying anytime soon.
They may shift to some other mechanism, but they will continue to expand the money supply.
The smackdown in silver was particularly heavy handed and obvious, but gold was not far behind.
A trader suggested that the bullion banks are trying to shake out the big open interest on the Comex with these intraday raids, hitting stops and discouraging further buying and, God forbid, delivery.
