Latest Gold & Silver Waterfall Erases Wednesday’s Big Gains

Gold and silver have been hammered throughout COMEX trading today, with waterfall declines erasing the gains made yesterday on the large pops ahead of the FOMC statement on the GDP disappointment.
Silver is down over $1 from yesterday’s highs to $31.04, and gold is down $20 to $1656.

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Silver’s smash begins right on que at the COMEX open:

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The smash has nearly retraced all of yesterday’s large gain:

silver

Gold hammered back towards $1650:

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Gold as now given up the entirety of yesterday’s gain:
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Look for support to emerge near $1650 in gold, and near $31 in silver, with further support in silver at $30.80, then $30.50.