Cascading Precious Metals Morning
Gold and it's counterparts have all been on the slide this morning. In fact it has been almost a weeks worth of cascading spot prices for precious metals, with Gold down to about $895 an ounce as of this posting.
Silver is down to $16.85, Platinum at about $1985 and palladium at about $435. There's a lot of selling going on, with some true goldbugs buying in at these weakened levels, keeping the prices from dropping too drastically in any given day. For the most part, those involved in precious metals investment still see the market as bullish, with current developemnts viewed as healthy solidification. Long term predictions are still generally very enthusiastic for Platinum and Palladium.
Futures are also weak and for the short term it would seem that precious metals are on the outside, looking in. A strengthening dollar and the European economic outlook are pushing the Euro down a bit and U.S. economic data set to be released later this week will also likely have an effect.