About two hours ago, the entire commodity complex got whacked, particularly gold, when the Fed announced it was temporarily withdrawing a special liquidity program. See here:
Here's the frustration: gold gets sold off in a larger % today on this bullshit/spin announcement than it went up on actual news yesterday. Apparently, the mindset still exists in traders, both man and machine, that rallies need to be sold. Shit's gettin old.
Now the good news is, silver and copper have both held in there quite well. In fact, we have the makings of another FUBM on the silver chart. Whether that beautiful pattern emerges again is of no real consequence, however. What is nice is that while gold was making new lows down near 1315, silver held in above its earlier lows and only fell to 26.77.
I have something very interesting to share with you later that does not have anything to do with trading PMs. Please be sure to check back later. TF
3:00 EST UPDATE:
Gold continues to dive as I have a last of 1313 with a low of 1311. Crude's getting taken to the woodshed, too, down almost $2 to $85.50.
On the brighter side, copper and silver continue to hang tough at 433.30 and 26.87.
My hopes for finding a bottom are on shaky ground. I'm reduced to crossed fingers, wearing a lucky t-shirt and prayer. (obligatory) http://www.youtube.com/watch?v=umcEDoe6cSA
Lastly, check this out. I find it interesting but, probably, meaningless.