Gold Drops To 6-Week Lows, Back Under $1,300

Tyler Durden's picture

Gold prices are down 6.6% from the post-Crimea referendum highs mid-March (but remain up 9% in 2014). For the 3rd day in a row, precious metals have come under sudden selling pressure and this morning's has pushed Silver comfortably back below $20 and gold now back under $1,300. Notably copper prices are also fading on the heels of Chinese weakness overnight.

 

3rd day in a row of monkey-hammering...

 

Clearly there is a "war" premium supposedly coming out of PMs but we suspect this pressure is also coming from Chinese financing deals as we noted previously

 

Copper is also falling today...

 

Charts: Bloomberg