China went on a "Golden Week Vacations," FED members were trumpeting that "rate rise is coming, rate rise is coming" and the FED pumped in money to the bouillon banks to crash gold and silver prices. Here are the pictures of what happened:
What happened is that the usual suspects forced the gold and silver prices back to the 200 Day Moving Average in order to bail out the shorts.
Now, the shoe will be on the other foot as the CRIMEX will be closed Monday, but the Shanghai Gold Exchange will be open. Will the PM prices now rebound violently? Only time will tell.
BTW, just in case you swallowed the malarkey that "improving economic conditions" were responsible consider this: unemployment figures came in as 156,000 (instead of the expected and anemic 175,000) and even the phony unemployment figure went up to 5%. Rate rise any time soon? Don't count on it.
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