The both were smacked down very late, into the New York close. It was not substantial, more gratuitously petty.
This barely qualifies as a retracement, which you may know I am looking for about here, and laid out in the overnight posting A Closer Look At the Gold Chart Formation: Three Scenarios.
I don't think I can stress enough that the trading in gold, and to a lesser extent silver, has become 'virtual' in that it is trading almost like a stock, or an option, rather than a commodity. The coupling with the physical market has drifted away, and the reconnection of the paper and the physical markets will be impressive.
And today I put out another thought on this notion of a paper market that has become divorced from the physical transactions, which have clearly shifted to Asia. You might wish to read about this split markets in the precious metals here in Nova Scotia Apparently Backing the Meager Action In Comex Gold.
The more I step back and look at what the precious metals have become the more amazed I am that no one has taken this on, whether it be a big trader or a regulatory body.
Perhaps this is all a part of the unbearable lightness of being exceptional? Uniquely one of a kind?
No, the gold market in New York and London, within the context of the greater global market, is the poster child for fragility. It is a very old story, and lately almost cliché, about overreach, the abuse of trust, and reckless greed.
And the same goes for silver, although that market has a slightly different set of challenges and oddities of its own.
I sure that time will sort all of this out.
Have a pleasant weekend.