A rough start to the week for precious metal bulls. Both gold and silver are off pretty sharply — silver especially, which is not surprising, because it’s surge has been even more meteoric than gold’s.
Below is a look at silver futures going back a few days.
The interesting thing is that both metals had a sharp knee-jerk up-move on Friday when Bernanke spoke, and then sold off instantly, and have been trending down post-speech. Obviously it’s early, but… when precious metals sink after a Bernanke speech (and the dollar rallies) it’s worth watching things closely, because that’s not normal.
Add in the bond selloff to the mix, and you get the sense that for the moment the landscape is changing — or at least has the potential to.