Gold and silver have been crushed this week, burned by the rising dollar and the outflow of money looking for a home in stocks and other investments.
Some analysts said the metals look like they should be close to a floor, but they stop short of calling a bottom based on the factors that are driving prices lower, including ETF withdrawals. Even a rush of coin buying, causing the U.S. Mint to temporarily run out of silver American Eagle coins, hasn’t yet turned the tide,
“I’ve been pretty morose on gold for quite some time. Maybe it’s a little bit lower than we would have thought. … We had a one-two punch and a knockout,” said Bart Melek, head of commodities strategy at TD Securities. He said the hawkish tone of the Fed last week helped send gold reeling, and any positive moves in the dollar add to its decline.