Gold and silver prices took a big step back on Tuesday as the highly anticipated price correction hit the precious metals market hard. Gold retreated more than $100 and silver shedded nearly $4 in just one trading day.
The sell-off, which was made up of profit-taking and new risk-on sentiment, accelerated Tuesday afternoon. December Comex gold is trading at $1,925.20, down 5.61% on the day, and September Comex silver is at $25.45, down 14.39% on the day.
The move down is not too surprising as many analysts have been calling for a price correction after gold breached $1,920 an ounce, then $2,000 an ounce, and then continued to make new highs above that level. And all of this in just under three weeks.
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