this is from casey research. as usual, jon nadler gets it wrong. north korea had nothing to do with yesterday's trading. it was an attack by the gold cartel on expirations day, and more importantly, it got stuffed. gold held at $950 despite the cartel's best efforts, and silver has now rallied to nearly $15:

Silver had a wild day, plunging from Hong Kong to the mid-point of the London session and putting in a bottom at $14.28, rose to the New York open, dropped off to mid-morning, then rallied to the noon hour and leveled off for the rest of the day, closing at $14.61, down only 8 cents. Overnight, silver is trending lower. (Click here for charts)

The precious metals did quite well yesterday. Though overall it was a down day, they rallied strongly off their lows, holding their own despite countervailing forces that were quite strong: sharply higher consumer confidence, a strengthening dollar, and a surge in the equities markets. Only rising oil was supportive.

Geopolitical jitters factored in, although not perhaps in an expected manner.

As Kitco’s Jon Nadler put it, gold was falling as “the dollar regained its attractiveness following yet another display of missile-based military machismo by North Korea … Normally, gold would react in a positive fashion to such geopolitical fireworks.” However, “the world and market scenes have been anything but normal of late.”

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