Both Gold & Silver Hit By Heavy Profit-Taking

GOLD

An ugly day in the precious metal markets, with heavy profit-taking and margin calls driving the Gold price lower.
After the move above $4,000, a correction was expected, and today we saw it.
The only question is, at what price will Gold have the support it needs to stop the sell-off?
Today’s low was $4,080, and a good amount of buying appeared at that level.

At 11 am PT today, Gold is down $230 per ounce, trading at $4,115 on record trading volume.

SILVER

When the Silver price dropped below the key $50 per ounce level today, there was a
lot of short-selling, which took the price down to $47.84 before seeing a bounce back.
The bulk of the selling wasn’t from overseas; it was right here in the U.S.,
which tells me it was caused mostly by short-term professional commodity traders.
I need to see Silver back over $50 by the weekend to resume its bullish direction.

At 11 am PT today, Silver is down an unbelievable $3.50 per ounce, trading at $48.70 on heavy volume.