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 [4].
3rd day in a row of monkey-hammering...
[5]
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 [6]
[7]
Copper is also falling today...
[8]
Charts: Bloomberg