It’s been a particularly rough few weeks for gold and silver… Last Wednesday’s FOMC commentary stipulating the end of asset purchases and quantitative easing sent gold and silver lower.  At the end of last week, Governor Kuroda of the Bank of Japan caught the markets off guard with an unprecedentedly large monetary-stimulus program of 80 trillion yen.  The USD surged against the JPY and gold and silver collapsed through long term major support levels.  Gold couldn’t maintain its footing above $1,180, a former triple bottom and a four-plus year low.  Stops were triggered right around there and the yellow metal traded all the way down to $1,160 on by far the biggest volume day of the December gold contract thus far.  There is now a double bottom in place at $1,160 while $1,180 has become strong resistance.  Silver fell 4% and is currently just trying to tread water above $16.  With the US taking QE off the table as other countries still have it firmly entrenched AND with the USD trading at multi-years highs, the short term direction doesn’t look particularly rosy for gold and silver.