From the moment Bernanke spoke, Gold and Silver began to accelerate to the downside. Gold legged lower into the NYMEX pit close and faded further in search of the $1200 round number (trading at $1199.90). Down around 12% from the FOMC (gold is now -38% from its highs in 2011).
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Silver is following (down over 14% from FOMC) as the Gold-to-Silver ratio test 65x (double its lows in April 2011 around 32x) and back to the ratio that existed as Lehman failed.
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As we noted yesterday [6], somewhat oddly, as goes gold so goes AAPL...
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The other interesting on-again-off-again relationship of interest is Gold vs Housing (i.e. QE-driven excess vs the thing that supports QE or not)...
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So to sum up today's remarkable market... Equities and Bonds are rallying hard on the basis that there will be no end to QE; and gold is crashing because QE is ending?
Perhaps some context is in order...
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Charts: Bloomberg