Volatility remains high in the precious metals markets again today. Further concerns about European finances and an increase in margin requirements on the futures exchanges pulled the rug from beneath the metals prices
Gold and silver were caught in the headlights of the "Risk Off" juggernaut last week, the carnage was not helped by a poorly timed margin increase out of Comex and the Shanghai Gold Exchange
A day of recovery was apparently in the making in the precious metals markets as the complex opened solidly in the "green" against a pullback in the US dollar and rising optimism that Europe would live to see another day
Monday morning's markets saw a lower opening in gold but a tad higher values in the other components of the complex. Gold continued to be sold off and it lost $10.60 per ounce
It's pretty hard not to say we told you so. We've said to hide out in gold. Gold hit $1,800 today
We would not be surprised to see some temporary short term weakness in gold prices as the market absorbs the less-than-spectacular impact of the long term US debt downgrade
Gold struck yet another all-time high of $1,813.80 early this morning (Thursday), marking an 18% gain in just over a month