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