There have been some ugly periodsin history for gold and silver, but this is one of the ugliest. Neither goldnor silver can catch a bid as they both continue to take the elevator down,making new lows almost every day.
Sellers meet every rally attempt,whether it's the commercials or the banks; there is a 1,000-pound gorillasitting on top of the market. The situation is starting to appear hopeless, andfrustration from the bulls is becoming more evident.
However, there is hope and likeall great sell-offs in markets, this too shall end. We can't say when, but weknow with certainty that it will. As the elevator moves down, the next stopshould be $1,240. Will that be the bottom?
There is no way to predict theexact bottom. One day the metals will stop going down and because markets don'tannounce themselves, there will be a new bull market. For now, the best tradeis patience and observation.
By Todd 'Bubba' HorwitzContributing tokitco.com
Follow @Bubba_Trading