While the February gold contract exploded to all-time highs overnight the market recoiled aggressively and at times this morning gold was trading $79 off its high!
With the dollar showing early strength and US treasuries showing slightly higher yields, the gold and silver markets obviously received buying from something other than their recent focus.
It appears the markets garnered flight to quality buying from two separate issues related to military events. Flight to quality issues thought to be lifting precious metal prices overnight were the ballistic missile attack of two Israeli ships and Chinese accusations that the US Navy "seriously violated" their sovereignty after sailing into the South China Sea...[MORE]
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