Gold And Silver Battered By Bullard's Bernanke Rebuttal

While stocks initially oscillated before testing the day's lows, precious metal losses have accelerated since Fed's Bullard walked back some of the market's perceived uber-dovishness of Bernanke's press conference:

  • *SILVER FUTURES FALL AS MUCH AS 6.3% ON COMEX IN NEW YORK (biggest drop since July)
  • *GOLD FUTURES DROP AS MUCH AS 2.4%, EXTENDING DECLINES ON COMEX (biggest drop since June)

Levels remain above pre-FOMC but the drop is accelerating as the USD is pushing higher. So it would seem the 'market' is expecting good macro data to justify the taper?