August Gold closed down 3.1 at 1243.6. This was 1.2 up from the low and 5.8 off the high.

July Silver finished down 0.00072 at 0.1643, 0.00175 off the high and 0.0007 up from the low.

 

All things considered, the gold and silver markets were fortunate that more ground was not given on the charts today in the wake of a number of bearish outside market influences. However, it is difficult to determine which outside market force drove prices down today given the upside breakout in the dollar and the significant downside washout in many industrial commodities. In other words, deflationary psychology is present and is pressuring gold and silver but ongoing weakness in the dollar could become the main driving force of even more long liquidation.