Precious Metals End Third Week of Consolidation on the Downside
Our technical calculations called for an interim high in gold and silver in mid August. The subsequent 11% decline in gold prices into August 26th was similar in magnitude with the other 8% to 15% corrections since the implementation of QE. However, it only took 2 ½ days. Shortlived corrections in bull markets typically run five to nine days with major ones stretching six to eight weeks (as seen this spring).