Silver started the week higher in Sydney and on Asian trading, while gold was hovering at Friday’s ATH. Clouds started packing at the opening in Europe and we could kiss the highs goodbye. All ended worse as gold lost over $12 at $1463 by 4 pm, while silver dropped from its $42 intraday high to below $40 shortly before 4 pm to get back to $40.15, a 80ct or 2% loss since Friday.
The stock market losing temper in the afternoon aggravates the situation for the PM miners. We face a retreat with losses outnumbering gains by a staggering 8:1 on our GoldMinerPulse list.
The gold miners index sheds 2.95% and falls back below par ending at 989, the worst level in exactly one week: yet on 4/4 gold closed at only $1435.5 on the LME. Silver miners mirror the precipitous loss after the intraday high and tumble 4.84% to end at 1339.