At first opening, the metals were trying to touch 1300$ gold and 20$ silver, but both ended up sliding back with some more losses: -1% gold and -2% silver or so. However, some good demand was present today on the other market, forget the future contracts. It is evident more and more the disconnection between the two, where you have falling spot prices on all time high US Mint sales, lines to get the gold in China, and hoards of Indians trying to find the way to buy gold while the government- with an Indian Rupee at all time low versus gold- is making it difficult if not impossible to own gold for a reason: they want it all for them, and second class money for the people. My ancestors were stuck owning pecunia while the rich people was holding the denarius. Fiat is just like water down currency that after some time end up tasting more and more like water and less and less like the original ingredient, till we all decide to change drink and nobody wants it anymore…
Demand for physical gold was good today: commemoratives, mexican small denomination gold, and some other bullion products. We pretty much sold a major chunk of our inventory of 90% silver in half dollars- all the 3 types… Gold is holding better than silver and if any move of reversal is coming soon, it will start with gold for sure. I did mention that this April 2.0 was going to last few days or few weeks and I still hope that is all before the long-awaited sentiment shift to bring back PM’s where they need to be.