Afternoon everyone....

Well just when I thought it couldn’t get much worse then Monday..... Tuesday decides to prove me wrong.

Gold has smashed through the $1700 resistance level and has plunged over $27 as of this moment. At one point today it was down over $35. The next resistance level is $1670. If it breaks through that barrier and holds. We could be looking at a very serious plunge, bringing $1600 or lower into play.

Here is the gold chart for the day right now.

Silver smashed through the $25 mark yesterday, and is holding onto the $24 level by the skin of nose right now. Already today silver is down over $.60, leaving it at an even $24 currently. If it breaches and holds below the $24 barrier, we could be looking at $22 silver very shortly.

Here is the silver chart for today...

I haven’t had the chance to do any research as to why the precious metal market has taken a two day bloodbath yet. I’m going to have to do some research later when I’m done working.