Stocks And Precious Metals Charts - Metals Take A Little Gut Punch For Comex Options Expiration

Stocks were correcting today, sliding more into the afternoon and the close.

The economic news this morning regarding new home sales and consumer confidence was fairly bad.

Gold and silver were rallying in the overnight, with gold hitting $1440, but alas, gold had reached a short term limit and took a hit during the day, dropping all the way to 1411, but bouncing back to the 1420s.

Did I mention that today was an option expiration on the comex? And yes it was.

But still, given the strength of the rally that the metals have shown in the past couple of weeks, who are we to complain?

I posted some thoughts in a chart on the longer term gold price last night. You can scroll down to it.

The Dollar bounced back a little today. But it probably has more correction to go after its own long rally.

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