21 October 2014

Gold Daily and Silver Weekly Charts - Slowly Higher, More Gold Withdrawals

The precious metals managed to drift higher, with some capping action in the late afternoon.

There was a rumour this morning that the ECB would start buying corporate debt at the end of this year, and visions of QE European Style had stocks zooming, and the precious metals were in rally mode, even that poor old mule silver.

But capping came into play, as stocks continued on their short squeeze, helping to ease the pain that the hedge funds were dealt just a week ago.

There seems to be quite a few tonnes of gold bullion taking off for Easterly destinations.   I doubt that gold will be returning anytime soon at prices anywhere near where we are now.

But that is tomorrow.  Let's keep our priorities, and see if bullion can finally break this price downtrend, and breathe some like back into the charred mining sector.

Have a pleasant evening.