These are boring times for the precious metals… $1,200 has acted as a magnet for gold over the past month and the yellow metal has touched and traded on either side of the $1,200 handle in a tight range for the previous ten consecutive trading sessions. Despite various big equity and currency moves as well as headlines concerning a Greek exit in recent weeks, gold just can’t seem to break out of its range. Yesterday, US equities rallied over 1% while the euro slid on commentary from the ECB Vice President that Greece may not have to leave the euro even if it defaults on its debt. Gold dipped lower yesterday before finding support in the low $1,190s. Gold also surprisingly shrugged off news of the People’s Bank of China announcing a 100 basis point rate cut to the required reserve ratio. It went from 19.50% to 18.50% and it was the biggest rate cut in more than six years. Silver has fared more poorly than gold of late but has managed to find bids to tenuously tread water, for the most part, above $16 for the past two days. The market has remained capped at the 50 day moving average recently and it seems like it still wants to test lower though. If $16 decisively breaks, it should be a swift move to $15.50.