Gold found some upside impetus early in the day before falling. It bounced up to 1245 before settling down for a small loss during afternoon trading. Silver prices were hit by a round of profit-taking only a day after gold experienced the same impulse.

Gold rode all the way up to $1245 today before profit taking began with a vengeance, driving it modestly down for the day. The dollar, continuing its mad rise, is accounting for all the negativity in the gold price.

West Texas Intermediate crude oil fell below $46 per barrel today and it scared the pants off equities traders, who now see the plummeting price as a barrier to profits in the sector. Energy stocks account for about 13% of the old-line stock exchanges.