With gold and silver plunging, today King World News interviewed legendary Jim Sinclair’s chartist Dan Norcini. Norcini told KWN that sell-stops and fresh speculative shorting are putting short-term pressure on both gold and silver. Here is what Norcini had to say: “Eric, the reason gold is getting hit so hard and by consequence silver as well, has to do specifically with the action in the bond market. To start the year, I told KWN readers and listeners the most important market in 2012 was going to be the bond market. The bonds have had a massive breakdown.”
Dan Norcini continues:
“A huge amount of selling has entered the bond market. Bonds had a big down day yesterday and we have had an even bigger debacle today, particularly on the long end of the curve. The ten year rate is now up to 2.25%, it’s up 7.4% today alone
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