The BTFD Mentality Is Back... In Precious Metals

Tyler Durden's picture

Just as Japan's department store sales hit overnight (plunging at their fastest level in 13 months), gold and silver prices were shellacked lower almost instantaneously (admittedly in thin markets). We haven't seen this kind of morning smack-down in a little while but this time was different... the dip was bought aggressively and has now been retraced.

Silver sropped 2% almost instantly (suggesting someone got a tap on the shoulder or someone else ordered it so...)

 

Charts: Bloomberg