After stabilizing with minor sell-offs Wednesday afternoon after the FOMC announcement and Bernanke’s MOPE speech that the Fed will seek to taper QE by mid 2014, Gold and silver have been slammed this morning, taking out the lows of $1320 and $20 placed in April.
Gold is down $60, nearly another 5% to $1290, and silver is down another $1.50 and 7% to $19.74!
Silver breaks support at $20, it now looks like a 100% retracement of the 2010-2011 move to $18 is likely:
Gold with a $1200 handle- a test of $1200-$1250 is now likely:
The cartel pattern continues of 2 day smashes post Bernanke appearances/ FOMC statements with the 2nd day being the worst of the smash.