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Gold, silver selloff was inevitable after January's explosive rally, but broader trend remains intact
While the headline price action in gold and silver is shocking, as prices have dropped more than 10% and 30% respectively ahead of the weekend, analysts said this volatility is not surprising because both precious metals had become significantly overextended. Gold’s biggest one-day selloff in history comes only two days after it saw its biggest one-day gain on record. At Thursday’s high of $5,602 an ounce, gold prices were up 29.5% in January. Meanwhile, with silver hitting an all-time intraday high above $121, prices were up 68.5%. Analysts noted that this kind of momentum, especially within the first month of ... (full story)
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