More Downside for GLD and SLV. Why? Read this
If EU mess is partly settled over the weekend then Gold and Silver will again sell off cuz people will put their money in risky assets like stocks, meaning markets go up.
If EU mess is not settled and or gets worse then Gold and Silver will sell off as traders will once again liquidate the metal due to margin calls and get back in cash.
Either way it is very negative for metals for the next couple weeks.
"With China’s economy slowing, with our economy going into a recession, with Europe going out the window, the industrial metals are being sold off viciously and silver is caught up in that,” said Frank McGhee, head precious metals dealer at Integrated Brokerage Services in Chicago."