Precious metals beaten up
Gold is down $33 to $1705 and silver is down more than 3% as the ugly run continues for gold.
I'm not sure I can name a more-hated financial asset right now than gold. I highlighted yesterday that the bounce looked very much like a dead cat-variety rebound.
I think there's a case for nibbling in the $1670-$1700 range because the fundamental picture is sparkling. But at this point it's catching a falling knife.
