Not surprisingly, the gold and silver markets are under attack early with the dollar breaking out to the upside and extending its sharp recovery from last week.
Adding into the bearish tone is higher US interest rate signals and deflationary services and composite PMI readings overnight from China and the eurozone.
Unfortunately for the bull camp, both gold and silver saw large outflows from ETF holdings on Friday with gold holdings last week declining by 43,390 ounces and silver ETF holdings down by a very significant 7.7 million ounces last week...[MORE]
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