The sell-off in gold and silver accelerated this week. Gold traded at $1822 in Europe this morning, down $61 from last Friday’s close, and silver at $20.80 was down $1.50. Comex volumes in both contracts were high on the sell-off. High volumes and steeply falling prices tell us that this is a selling climax. Hedge funds long gold futures are short the dollar, and exposed to a developing currency crisis in the euro, the yen, and sterling, which is driving the dollar higher on the foreign exchanges. But hedge fund positions are no longer significant. The shorts, mostly bullion bank traders, see how wrongfooted the ... (full story)