After hitting new all-time record highs in both the NASDAQ composite and S&P 500, profit-taking and selling pressure today took all three major indexes dramatically lower.

Gold and silver both traded dramatically lower as market participants focused upon risk-on assets with stocks globally moving higher, this includes indices in the United States closing at new all-time record highs.

Today gold futures, basis the most active December 2020 contract flirted with $2000 per ounce, when it traded to an intraday high today of $2001.20. As of 4:53 PM EDT the December contract is currently fixed at $1,977.40 which is a net decline of a $1.20.