The markets continue its sell-off and the economic news are not getting any better. This morning Europe was officially declared to be in a recession and the problems in Greece and Spain are far from being solved.
The US is trying to avoid its own big problems too, but right now they are happy to put the spotlight on Europe, but the Dow Jones shows where things are heading. The Dow Jones had a massive correction over the past 4 weeks and it nearly erased all the gains so far for this year.
Yesterday the FOMC commented that they are ready for further easing and will likely extend Operation Twist, but all this news hasn’t triggered the break-out for Gold/Silver yet, but they are performing solid compared to the major indexes. I’m still expecting the break-out for Gold/Silver and a major correction for the US Dollar in the next days…
On a side note: Tomorrow I will be abroad for 10 days and I might not be able to write the Market Update during the next week, but I will be back the week after with fresh updates.