Gold and silver prices changed direction and plummeted yesterday: silver, even
more than gold, declined by 6.89%. The last time gold and silver declined so
sharply and promptly was back on December 14th when the FOMC disappointed
bullion traders as there were no announcements of QE3. This time was very
similar and Bernankes testimony disappointed traders. Furthermore, ECB announced
yesterday the bank will allot €529.5 billion to LTRO – this was higher than
expected and may have also affected Euro/USD. Finally, the US GDP 2011 Q4 growth
rate reached 3% according the recent update. This news may have also pushed up
US dollar against other currencies and lowered the chances of another QE3.
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