Today was hardly a risk on day, judging from major stock indices and the VIX.
And the dollar itself was up only slightly.
But gold and silver were just hammered lower. What’s up with that?
The reason was hardly the announcement of a Russian vaccine.
Rather, it was almost certainly a measured ‘technical’ hit on a metals market that was very overextended to the buy side, with small specs and punters piling on the longs.