The slide in gold price that most would attribute to the election of Donald Trump actually began before on October 30th, when gold hit a peak of $2790.
As of this writing, gold has dropped to $2590, down $200, or about 7.2% from the peak two weeks ago.
Silver hit a peak of $34.86 on October 22nd and is now at $30.61, down $4.27 from its high, or 12.29%.
With Trump being elected, the fear element driving gold and silver prices has clearly diminished. Gold and silver are resetting to the new normal. Who knows where the new support will be?
One question to consider is how much the drop in demand is being driven by the Shanghai market versus the COMEX (New York) and LBMA (London) markets.
