Gold surrendered today most of the gains it picked-up yesterday and more. It was down $16.50 on the day at $1293.95. Silver was down 38¢ at $16.77. In early Asia trading, both metals are trading sideways to up marginally. Gold’s decline began in the overnight market and continued steadily through the day. The main culprit could simply be ordinary profit taking and re-positioning at the higher prices.
Quote of the day
“Even those of us who have been tracking gold’s progress for decades frequently give in to the ease of quoting gold’s value in terms of fiat currency – most commonly in US dollars. And yet, we have it the wrong way round. Gold is in fact the centre of the economic universe, and all the fiat currencies (including cryptocurrencies) revolve around gold.” – Jeff Thomas, International Man.com
If you are a chart enthusiast, we have a couple pages at the USAGOLD website worth bookmarking. These charts are presented in conjunction with the St. Louis Federal Reserve (FRED) and update automatically through the magic of the internet. Both pages are handy references used often to settle after-dinner disputes among family members about the direction of the economy. [smile]