Bad night for precious metal bulls last night with bullion under pressure, slammed down twice, first into the $1360 range (halting trading) and again later in...

Bad night for precious metal bulls last night with bullion under pressure, slammed down twice, first into the $1360 range (halting trading) and again later in the day once the market 'digested' the Fed minutes, leading to another halt, and a fall in prices below USD $1250, whilst silver is now below USD $20. Low inflation prints, 'negative deposit rate' noise out of Europe and Fed minutes obviously all held gold down, even though data released on the day was mostly soft. Retail sales were above expectations, but ex auto's, on an annualised basis, were up only 3.5%, well below where they were in January (closer to 6%). Hardly a sign of a strengthening economy a year into QE3 Existing home sales fell by more than expected, and mortgage applications declined again, as higher borrowing costs crimp demand. Nevertheless, bears are in command, and USD $1200 gold could be on the cards soon