Gold hasn't collapsed anymore. It's found its legs. Silver seems to have found its legs against the $23 level for the moment. Interest rates keep doing one thing: adding yield.
Gold and silver rising along with bond yields implies higher safe haven demand. (Generally there is an inverse correlation between bond yields and gold/bullion price.).
Big skirmishes could happen at any time: Russia, China testing Taiwan - you know it's going to happen. Gold's not responding. Inflation is too big of a story right now.
Trend is bullish for gold, silver, copper and crude oil. There will be short covering rally if price rises today. Lack of any major economic releases implies that it will be a technical trade.
The World Gold Council (WGC) separately reported that the People's Bank of China purchased 23 tons of gold in July, the ninth consecutive month of purchasing.
Precious metals aren't going to bottom until stocks are pretty close to the bottom. I think we're entering a blood bath phase: 5 to 7 days of all-out panic selling.
Before precious metals can begin a new bull market and Gold can break $2,100/oz, the economy and stock market must run into problems, which may cause initial pain in precious metals.
