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Precious Metals End of Week Market Commentary

by davefairtex, Peak Prosperity:

Gold finished Friday down -13.80 on heavy volume, while silver was down -0.35 to 21.33 on moderately heavy volume. The big move came at 0842 EST, with a massive short attack on gold driving the price down $25 through 1275 support in three minutes with 16,500 contracts traded – really huge volume. The rebound in gold was tepid, but in silver, more substantial. Silver continues to have more buy-side interest than gold. The gold/silver ratio rose +0.33 to 59.66. PM has dropped four straight days, with increasing volume each day. Gold is through 1275 support, with the 1200 level next. Silver remains within its trading range, looking ill but remaining short of a breakdown. The gold/silver ratio remains in no-mans-land, providing no clues as to direction.

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