Muted trading volumes across many financial assets on Monday and the dollar rising to a three-week high underscored investor caution against making big bets in the face of geopolitical tensions in the Middle East and the Korean peninsula.
There were a lot of reasons given for the drop; some of it was bad fundamentals as profits for industry fell 4.6% in October against the prior October, but also people seem to be concerned about the crackdown on the financial industry.
Oil rises as Ramadi falls as this markets price action continues to defy the calls for an oil price crash. ISIS forced Iraqi security forces to flee the largest province in Iraq despite help from U.S. air support.
The markets continue to be influenced by geopolitical and economic considerations.
Gold rose 0.16% or $1.90 and closed at $1,195.60 an ounce yesterday, while silver slipped 0.18% or $0.03 at $16.97 an ounce.
As an old school metals trader I am fortunate enough to have many friends that I trade with in the Middle-East.

Remember those predictions of continued weakness in crude as low as $20 and even $10? Forget about it!

Predicting and diagnosing the oil trajectory is a hot topic right now, but market indicators needed to make an accurate guess just aren't available right now.
International anxiety is good for gold because of the tendency to store value in the precious metal during uncertain times.
Today's daily update: gold and silver up Friday, Chinese demand on the rise ahead of Lunar New Year.