April Gold closed down 22.3 at 1662.6. This was 8.6 up from the low and 21.9 off the high.
May Silver finished down 0.785 at 31.831, 0.659 off the high and 0.066 up from the low.
The gold market at times was down by more than $20 an ounce from the prior close and it was also down as much as $36 an ounce below this week's highs. A combination of risk off, slack US data and spill over selling pressure from energies seemed to leave the bear camp with a distinct edge. Another element that probably contributed to the slide in gold prices today was a further deterioration in economic views toward the Chinese economy. While the bear camp didn't need additional ammunition, it is possible that weakness in the Euro provided an additional wave of gold selling today.
The silver market was down rather sharply to start today and it was clear that slack scheduled US data added to the downside track in prices. With noted declines in equities making the economic environment feel even worse there was no shortage of bearish factors weighing on silver and physical commodity prices today. While May silver initially managed to rebound from a sub $32.00 trade that level might be considered a critical pivot point for the trade in the coming trading sessions. Apparently talk of a possible strategic oil reserve release did little to underpin physical commodity markets and the equity markets today.
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