Gold Down Hard

Gold Down Hard

There were plenty of indicators of continued bearish pressure on the gold market but the depth of Friday’s gold crash is extreme even by those standards. 

Gold was down $24.70 in early trading to $1,636.30 and silver was down $0.59 to $29.51 raising the silver/gold ratio to 55.4. 

The silver/gold ratio going up nearly a full point overnight means this is a genuine softness in gold prices and not a general softness in commodities.  To be fair industrial commodities were lower on a stronger dollar with crude oil, copper, platinum and palladium all trading lower but...