(I do not believe that there is a limit to monetary policy.)
Haruhiko Kuroda, Bank of Japan, 13 April 2016
It appears that Kuroda san is a thoroughly modern monetarist.
Gold and silver both popped early, with gold surmounting 1300 and silver banging hard at 18. Stocks were lower.
But then the trading opened in NY, and the algos got busy with a trading reversal that saw the precious metals going lower and stocks catching a bid.
This looked and smelled very much like a short term 'technical trade.'
Let's see what happens tomorrow and the next day.
There will be a Non-Farm Payrolls Report on Friday for the month of April.
Silver continues to see heavy delivery action, such as it is on the Comex. The stores of ready bullion have shrunk back down a bit. This looks like a good month for silver. Gold will have its day in May-June as the free bullion float continues to diminish relative to wagers placed and bullion demand.
Have a pleasant evening.