The Unkindest Cut Is The One That Lasts

Briefly, let us remember those who died thirteen years ago today in New York, at the Pentagon, and in the skies over Pennsylvania. Let us remember their families, who have suffered the loss as well.
________________________________________

Gold has slipped to its lowest level in 7-1/2 months. The dollar is hovering around a 14-month high in the wake of the easing of tension in Ukraine, dragging other precious metals broadly lower.

Counterintuitively given demand, heavy profit-taking in the platinum group weighed down on all precious metals prices with silver tumbling for a second straight day to hit its 14-month low.

Gold prices fell even as U.S. President Barack Obama authorized air strikes against the dangerous desert pirates in Iraq and Syria and more sanctions on Russia will be unveiled on Friday. Safe-haven demand has faded after Ukraine said on Wednesday Russia had removed the bulk of its forces from its country.

So now we have wars so harmless they require no safe haven?

When life looks like easy street, there is danger at your door... (The Grateful Dead)

Additionally, in spite of the precipitous drop in prices, there seems to be no incentive in Asia to buy gold. Silver is not as popular there, so we expect no action on that account.

The bond yield rose mildly on the day for the 10-year, but shows no sign either of acting as a haven.

Crude oil rebounded strongly, taking back much of the loss we saw earlier in the week. 

Dollar strength helped pushed down gold, but the greatest portion of the drop was found in regular trading.

The big story today, regardless of world affairs and many of the points we've touched on earlier in the week - such as the San Francisco Fed's report on rosier growth prospects - is technical selling.

Let's see tomorrow if anyone steps into bargain hunting mode.

As always, wishing you good trading,