Well, not surprisingly we are starting to see both gold bullion prices and silver bullion prices retract from the temporary rally that followed the larger drop from a few weeks back. It doesn’t matter if physical demand is growing significantly…or even exploding. The trend is clearly not our friend here.

Below you’ll find the latest price chart for spot gold prices (click to enlarge).

And the equivalent spot silver price chart (click to enlarge).

As is clearly shown on these graphs we are seeing prices brake down. The reasons behind this is most likely what we’ve discussed in earlier posts, a negative trend that is utilised by some (the bullion banks) to continue to drive prices downwards.

What also adds to the situation is the continued strength of the USD. See the graph below for an illustration of this. Many had probably expected the dollar to fall back after its recent weaker price performance, but this is clearly not the case just yet.

If you are trading the metals then now is probably a good time to be short – at least for a while. If you on the other hand are buying physical gold bullion and silver bullion premiums are likely to stay high, or even go higher if we see a new drop in the market.

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