It was another day of downward pressure on the Comex precious metals and, though the worst of the current storm may have passed, prices may continue to drift and consolidate for a while longer until we get into the always important month of March.
For today, things were already sliding before the FOMC minutes...and then the release of the minutes only served to make things worse. Not there was anything new or meaningful, the algos simply decided to bid the POSX which, in turn, led other algos to dump CDG and CDS.
Here's a good summary of the minutes from ZH:...
