The chart for gold looks weird. I haven't seen a movement like this (basically a straight line above $700) since the big pop in 2006.
IMO the buying in the europe and asian markets is allowing people in the US markets to take profits without affecting the price much at all.
At the moment...
Butler's concern is the large concentrated short. There's four "entities" (I say entities because they could be large groups of investors and people who feel the need to hedge) holding most of the short contracts.
Silver is down because it's an industrial good as well as "money" Industry...
Considering the amount of bullish fundamentals on gold/silver, i'm suprised gold isn't above $700 on the spot.
I guess the heavily CB selling combined with the immense shorts by commercials are really dragging the metals down.
oil $70+
$USD 81
Inflation = The same
Demand = still high...