While trade optimism has pushed US indices to all-time highs, precious metals are clearly the losers of this situation. Market optimism drives bond yields higher to the detriment of silver (-2.5% today), platinum (-2%) and gold (-1.5%). Gold price broke through the key support zone of $1480 and this could have triggered stop losses. For silver, there is still a strong support at around $16.80.
Gold, Silver plummet as bond yields soar
Nov 7, 2019